Rosherville Pty Ltd, a shareholder of the Australian Securities Exchange (ASX), has notified the exchange that it plans to ask the Federal Court for permission to bring a statutory derivative action against some former ASX officers and directors. If the application succeeds, Rosherville would pursue the litigation on behalf of ASX.
ASX has said the proposed proceedings do not target ASX itself. However, the exchange has not disclosed the identities of the former officials, the specific duties allegedly breached, or the remedies that would be sought. The Federal Court has not yet ruled on whether the case can proceed.
The development follows ASX's long-running effort to replace its CHESS clearing and settlement system with a blockchain-based platform. That project began in 2016, was paused in November 2022, and saw the blockchain approach abandoned in May 2023.
On July 3, 2026, the Federal Court ordered ASX to pay a $14.4 million fine, plus $2.1 million in costs to the Australian Securities and Investments Commission (ASIC).
ASX shareholder seeks court nod for derivative lawsuit
Rosherville Pty Ltd, a shareholder of the Australian Securities Exchange (ASX), has notified the exchange that it plans to ask the Federal Court for permission to bring a statutory derivative action against some former ASX officers and directors. If the application succeeds, Rosherville would pursue the litigation on behalf of ASX.
ASX has said the proposed proceedings do not target ASX itself. However, the exchange has not disclosed the identities of the former officials, the specific duties allegedly breached, or the remedies that would be sought. The Federal Court has not yet ruled on whether the case can proceed.
CHESS blockchain replacement timeline
ASX began working on a blockchain-based replacement for its CHESS clearing and settlement system in 2016. The project was paused in November 2022, and in May 2023 the exchange abandoned the blockchain approach entirely.
On July 3, 2026, the Federal Court ordered ASX to pay a fine of $14.4 million. The court also ordered ASX to cover $2.1 million in legal costs incurred by the Australian Securities and Investments Commission (ASIC).
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