Latest news with #RobWhitfield
Yahoo
14 hours ago
- Business
- Yahoo
Australia's Securities Regulator to Probe ASX After Collapsed Blockchain Project
Australia's Securities and Investment Commission (ASIC) has turned to three of the country's most seasoned finance figures to probe the inner workings of the Australian Securities Exchange, including the exchange's doomed blockchain project. ASIC launched the inquiry on June 16 over 'ongoing concerns' it and the Reserve Bank of Australia expressed about the exchange's ability to run stable and secure market plumbing. Those concerns intensified when ASX scrapped a blockchain-based upgrade to its CHESS settlement engine in 2022, forcing a costly reset and drawing political heat. ASIC later sued ASX over making misleading statements on the project. Rob Whitfield, a former Westpac chief risk officer and now a Commonwealth Bank director, will chair ASIC's panel. Joining him are Christine Holman, who sits on the boards of utility AGL and restaurant operator Collins Foods, and Guy Debelle, a Reserve Bank of Australia's former deputy governor. The trio will inspect ASX's governance, technical capability, and risk controls and recommend fixes for any weak spots. Their brief stretches across the entire ASX group, which handles more than A$6 billion ($3.92 billion) in trades each day.
Reuters
2 days ago
- Business
- Reuters
Australian regulator names former RBA deputy governor to ASX probe panel
June 26 (Reuters) - Australian regulator said on Thursday it has appointed former central bank deputy governor Guy Debelle to a three-member expert panel to investigate the local bourse operator ASX's ( opens new tab governance, capability and risk management frameworks. This appointment follows the Australian Securities and Investments Commission's (ASIC) launch of a broad investigation into ASX last week. ASIC has also appointed Rob Whitfield as the panel chair, with Christine Holman joining as a panel member alongside former Reserve Bank of Australia deputy governor Debelle. Whitfield currently serves as the independent non-executive director of Commonwealth Bank ( opens new tab, the largest-listed company on the ASX, while Holman is the non-executive director of Australian firms AGL Ltd ( opens new tab and Collins Foods ( opens new tab. "The inquiry panel will be asked to make recommendations to address any identified shortcomings or deficiencies in relation to governance, capability and risk management within ASX group," ASIC said in a statement. The inquiry panel is also expected to submit a report to ASIC by March 31, 2026, outlining its findings and recommending any necessary next steps for the regulator to take. ASX did not immediately respond to a Reuters request for comment. ASIC's probe into the country's main stock exchange operator escalated tensions that have simmered for years amid a botched software upgrade and a series of trade-processing glitches. After facing delays, expenses and mandatory industry consultations, ASX abandoned its original upgrade plan in 2022. The following year, it brought on India's Tata Consultancy Services to develop a new, phased upgrade. According to ASX, the first part is scheduled for delivery in 2026. ASX also attempted to rebuild its clearing and settlement software platform with custom blockchain-like technology from 2017.
