Australian regulator names former RBA deputy governor to ASX probe panel (updated)

Collins Foods

26/06/2025 01:41

Adds ASX share moves in paragraph 7 and response in paragraph 8

June 26 (Reuters) - Australian regulator said on Thursday it has appointed former central bank deputy governor Guy Debelle to a three-member expert panel to investigate the local bourse operator ASX's ASX.AX governance, capability and risk management frameworks.

This appointment follows the Australian Securities and Investments Commission's (ASIC) launch of a broad investigation into ASX last week.

ASIC has also appointed Rob Whitfield as the panel chair, with Christine Holman joining as a panel member alongside former Reserve Bank of Australia deputy governor Debelle.

Whitfield currently serves as the independent non-executive director of Commonwealth Bank CBA.AX, the largest-listed company on the ASX, while Holman is the non-executive director of Australian firms AGL Ltd AGL.AX and Collins Foods CKF.AX.

"The inquiry panel will be asked to make recommendations to address any identified shortcomings or deficiencies in relation to governance, capability and risk management within ASX group," ASIC said in a statement.

The inquiry panel is also expected to submit a report to ASIC by March 31, 2026, outlining its findings and recommending any necessary next steps for the regulator to take.

Shares of ASX were down 0.2% at A$68.98, as of 0031 GMT.

ASX said in an emailed response to Reuters that it welcomes the regulator's announcement and will engage with the panel constructively.

ASIC's probe into the country's main stock exchange operator escalated tensions that have simmered for years amid a botched software upgrade and a series of trade-processing glitches.

After facing delays, expenses and mandatory industry consultations, ASX abandoned its original upgrade plan in 2022. The following year, it brought on India's Tata Consultancy Services to develop a new, phased upgrade. According to ASX, the first part is scheduled for delivery in 2026.

ASX also attempted to rebuild its clearing and settlement software platform with custom blockchain-like technology from 2017.

 (Reporting by Rajasik Mukherjee; Editing by Sherry Jacob-Phillips)

 ((Rajasik.Mukherjee@thomsonreuters.com;))