Australia's share market operator is being sued by ASIC over a series of allegedly misleading statements about the progress of upgrades to a crucial system underpinning trades.
Despite this, ASIC alleges the share market operator made statements as recently as February 2022, which maintained the project remained"on-track for go-live" in April 2023 and was"progressing well," misleading traders and observers. The"critical importance" of effectively replacing CHESS meant the ASX must tell the"truth" about the project at all times, Mr Longo added, as he alleged the failure to provide accurate information"caused significant cost to ASX and market participants".
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