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Inquiry into ASX

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ASIC commenced its Inquiry into the ASX Group (ASX) in July 2025, focusing on governance, capability and risk management frameworks and practices across the group.

ASIC’s Inquiry is being led by an expert panel that will make recommendations to address any identified shortcomings or deficiencies. The panel is supported by a dedicated Secretariat.

In December 2025, the panel provided ASIC with an interim report setting out key underlying drivers of concern, together with a strategic package of actions that, if implemented, would address the concerns identified and provide a circuit breaker to deliver a stronger pathway forward.

In response to the panel’s interim report, ASIC has obtained commitments from ASX on a package of reforms that will strengthen confidence in ASX and Australia’s critical market infrastructure and provide certainty about the market operator’s reset. In addition, ASIC and the RBA will step up their review to uplift their joint supervisory model.

The panel will deliver its final report to ASIC by 31 March 2026. ASIC will make this report public.

Contact us

ASX plays a critical role in Australia’s financial markets, and we acknowledge you may have information or views that you wish to share to assist the Inquiry.

Please contact the ASX Inquiry Secretariat at asx.inquiry.2025.26@asic.gov.au.

All media enquiries should be directed to media.unit@asic.gov.au.

For more information about the scope of the Inquiry, refer to the Terms of Reference.

Decision to initiate an Inquiry

The decision to initiate an Inquiry follows repeated and serious failures at ASX.

ASIC and the Reserve Bank of Australia (RBA) have ongoing concerns over ASX’s ability to maintain stable, secure and resilient critical market infrastructure.

While the Inquiry is underway, it is critical ASX continues to prioritise the safe and efficient operation of its infrastructure, including progress towards Release 1 of the CHESS replacement project by mid-2026. ASIC will continue to closely monitor this project, and ASX more broadly.

The expert technical review of CHESS, that ASIC announced on 31 March 2025, will continue alongside the Inquiry.

Expert panel

The three expert panel members appointed to conduct the inquiry are Rob Whitfield as Chair, and Christine Holman and Guy Debelle as panel members – collectively they have broad and deep experience across global markets, banking, regulatory, risk and technology.

The dedicated Secretariat, led by ASIC Senior Executive Jane Eccleston, includes representatives from ASIC, Reserve Bank of Australia, Australian Prudential Regulation Authority and the Australian Competition and Consumer Commission.

Related links

ASX Inquiry

ASIC regulatory actions