ASX Shareholder Plans Suit Against Former Executives Over Failed Blockchain Project

ASX began replacing its Clearing House Electronic Subregister System, or CHESS, in fiscal 2017 with a platform using distributed-ledger technology, targeting an April 2023 launch. The exchange halted the project in November 2022 after repeated delays and wrote off A$245 million to A$255 million before tax. The failure became a test of governance at a systemically important market operator, raising questions over board oversight of critical clearing and settlement infrastructure.

ASX shareholder Rosherville said on Aug. 13, 2026, it plans to seek Federal Court permission to bring proceedings on ASX’s behalf against former directors and executives over alleged breaches of duty, with no damages figure disclosed. The move follows the court’s July 3 order imposing an A$20.5 million penalty on ASX for misleading statements that the project was “progressing well” in February 2022. The shareholder action must clear the court’s leave stage before the claims can proceed to trial.