Updated Jun 15, 2026 – 7.58am, first published at 7.40amKey Posts13 mins ago — 7.57AMASX admits misleading conduct over CHESS, faces $20.5m fine21 mins ago — 7.49AMTrump says deal reached with Iran23 mins ago — 7.47AMBond funds chase Australian debt on peak RBA interest rate bets28 mins ago — 7.42AMASX to rise on Iran hopes, but Trump scepticism keeps lid on rally30 mins ago — 7.40AMGood morning13 mins ago – 7.57AMASX admits misleading conduct over CHESS, faces $20.5m fineMatt BellSharemarket operator ASX Ltd has admitted that its February 10, 2022 market announcement that stated that the CHESS replacement project was “progressing well” was misleading and exposed market participants to the risk of financial harm.ASIC and ASX will ask the Federal Court to find that ASX contravened the law, impose a penalty of $20.5 million, and order ASX to pay $3 million towards ASIC’s costs.ASX has admitted that by December 21, 2021, the CHESS replacement project was no longer on track for its planned April 2023 go-live date, having been internally classified as “red” due to significant unresolved risks, while industry testing proceeded with reduced functionality and timelines for incomplete work were pushed back.About six weeks later, on March 28, 2022, ASX announced there was a strong likelihood the project’s go-live date would be delayed. It later paused the project and de-recognised pre-tax project costs of approximately $245 million to $255 million.ASIC chairwoman Sarah Court said ASX’s statement risked undermining confidence in Australia’s financial markets.“These admissions concern the accuracy of disclosures to the market about a significant and complex project that carried real consequences for confidence, planning, and investment across the market,” she said. “Accurate and timely disclosures are fundamental to maintaining trust in Australia’s financial markets, particularly from entities that operate core market infrastructure.”The proposed resolution is subject to the approval of the Federal Court. It is a matter for the court to determine whether the proposed orders are appropriate and whether any other orders should be made.Fetching latest articles