According to Crowdfund Insider, the Australian Federal Court has ordered the Australian Securities Exchange operator ASX to pay a fine of 20.5 million Australian dollars for making misleading statements in the progress disclosure of the CHESS replacement project. ASIC stated that in February 2022, ASX claimed the project was "progressing well," but at that time, the project had already been internally classified as "red" status, indicating significant unresolved issues or delivery risks. The project originally planned to use distributed ledger technology to replace CHESS and go live in April 2023, but ASX suspended the project in November 2022 and confirmed a pretax impairment of approximately 245 million to 255 million Australian dollars for the project costs. The court also ordered ASX to pay 3 million Australian dollars in costs to ASIC.