The Australian Securities and Investments Commission has released the final findings of its unprecedented nine-month enquiry into the ASX (ASX:ASX), delivering a scathing assessment of the exchange operator's governance and risk management.
The final report concludes that the resilience of Australia's critical market infrastructure was compromised by a corporate culture that prioritised high shareholder returns over its essential role as a market steward.
Following an analysis of over 10,000 documents and 140 interviews, the Panel identified "capability and cultural barriers" that have hindered necessary transformational change.
The report highlights that the ASX's risk management practices are not currently fit-for-purpose, leading to reactive responses to operational failings.
ASIC Chair Joe Longo stated the findings validate the "urgent reset" initiated in late 2025, noting that the enquiry serves as a vital circuit breaker to rebuild public trust.
In response, the ASX has submitted a comprehensive commitments plan, which includes a revised technology strategy and a $150 million capital charge to be held until reforms are completed to the regulator’s satisfaction.
While the CS Facility boards have already transitioned to entirely independent directors, ASIC Commissioner Simone Constant warned that the regulator will continue to hold the ASX to account.
As the exchange prepares for the high-stakes CHESS replacement "go-live" later this month, the focus remains on ensuring the ASX can balance day-to-day market efficiency with the massive structural and cultural overhaul required to modernise Australia’s financial backbone.