Exposed: Australia's ASX Faces Legal Heat Over Blockchain Blunder
In a world increasingly powered by cutting-edge technology, the recent legal developments surrounding the Australian Securities Exchange (ASX) have captured the attention of the global financial community This article delves into the allegations made by the Australian Securities and Investments Commission (ASIC) against the ASX for purported misleading claims about its ambitious blockchain-based project intended to replace its Clearing House Electronic Subregister System (CHESS) The Controversy Surrounding the CHESS Replacement Project The crux of this dispute lies in ASIC's assertion that the ASX made deceptive statements on February 10, 2022, suggesting that the CHESS replacement project was “on-track for go-live” in April 2023 and was “progressing well ” These pronouncements, according to the regulator, implied a smooth trajectory in line with ASX's outlined plan, assuredly advancing towards future milestones The initiative aimed at overhauling the exchange’s quarter-century-old clearing and settlement system stands as a significant yet troubled venture that attempted to leverage blockchain innovation to enhance its securities trading processing capabilities...
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