An ASX shareholder, Rosherville, plans to seek court approval to bring a statutory derivative action against certain former officers and directors of the Australian securities exchange operator. The action is related to the abandoned Clearing House Electronic Subregister System (CHESS) blockchain-based clearing and settlement project.
Background
The CHESS replacement project was meant to modernize Australia’s share settlement system but was paused in November 2022 after an independent review found significant issues with its design and delivery. ASX later abandoned the original blockchain-based approach and developed a new replacement plan.
Rosherville has alleged that the officers and directors breached their duties in relation to the CHESS project. ASX said there are no allegations against the exchange itself and will update the market on any further developments.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
