The corporate watchdog claims ASX misled the market about troubles it was having on its new trading platform project.
Oh, the exquisite irony. The Australian Securities Exchange, a market operator responsible for policing public company disclosure rules, is being sued by the supreme corporate regular for misleading and deceptive disclosure.Damian Roach is the chairman of ASX. The exchange operator is being sued by the corporate regulator over alleged disclosure failures.
ASIC’s concise statement of claim makes for uncomfortable reading for those inside the market operator. Just how the ASX is alleged to have misled the market involves the somewhat arcane issue of how it was attempting to update its clearing and settlement trading system to a new high-tech system.A decision was made in 2016 that the three decades-old CHESS system was to be replaced by a new block trading-based platform.
ASIC alleges statements made in ASX announcements on February 10, 2022, that the project remained “on-track for go-live” in April 2023 and was “progressing well” were misleading.
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