ASX to pay A$20.5 million over misleading Chess upgrade claims

ASX agreed to pay a A$20.5 million penalty after admitting it misled the market about progress on its failed Chess software replacement, in a settlement that still needs Federal Court approval. The Australian Securities & Investments Commission sued the exchange in 2024 over statements made in 2022 about the clearing system project, which had been due to launch in 2023. By late 2021, ASX had internally rated the project “red,” indicating material delivery risks, and its audit and risk committee was told that status a week before a February 2022 market update described the work as “progressing well.” ASX will also pay A$3 million toward ASIC’s costs. The revised Chess system’s first release went live in April, with full completion projected by 2029.