ASIC Appoints Panel To Examine ASX’s Governance And Risk
The Australian Securities and Investments Commission (ASIC) has formed a three-member expert panel to lead its inquiry into the ASX. The panel will examine governance, capability and risk management frameworks across the ASX Group.
ASIC announced the inquiry on 16 June 2025, citing concerns shared with the Reserve Bank of Australia. These concerns relate to the ASX’s ability to maintain secure, stable and resilient market infrastructure.
Australian Securities and Investments Commission
Expert Panel Includes Leaders In Finance And Regulation
Rob Whitfield will serve as Chair of the panel. Christine Holman and former RBA Deputy Governor Guy Debelle will also serve as members. ASIC Chair Joe Longo said, “Rob, Christine and Guy bring a wealth of experience in their roles as members of ASX top 20 boards and government investment funds, as well as deep experience across global markets, banking, regulatory, risk and technology.” He added, “Their depth of experience and skills will be invaluable as we undergo this Inquiry.”
The panel will provide recommendations to address any identified shortcomings in ASX’s governance and risk frameworks. A report is due to ASIC by 31 March 2026. ASIC confirmed the report will be made public.
Rob Whitfield Brings Leadership From Top Australian Institutions
Whitfield is currently a non-executive director at Commonwealth Bank and Transurban Limited. He also sits on the Council of the Australian National University.
He spent three decades at Westpac Banking Corporation. His roles included CEO of the Institutional Bank, Chief Risk Officer, Group Treasurer and Chair of the Asia Advisory Board.
After Westpac, Whitfield chaired the NSW Treasury Corporation and served as Secretary of NSW Treasury and Industrial Relations. He was awarded the Order of Australia (AM) in 2020 for his service to the banking and finance sector and public administration.
He holds a Bachelor of Commerce from UNSW, postgraduate diplomas in Banking and Finance from UTS, and completed Harvard Business School’s Advanced Management Program.
Rob Whitfield
Christine Holman Offers Experience Across Sectors
Holman serves as a non-executive director of ASX-listed AGL Ltd and Collins Foods Ltd. She also sits on the board of Indara Pty Ltd, a private joint venture between Australian Super and Singtel.
Her 35-year executive and board career spans the media, infrastructure, property, and technology sectors. She was formerly Chief Financial Officer and Commercial Director at Telstra Broadcast Services.
She also advised boards at Capital Investment Group and holds board positions at Football Australia, the State Library of NSW Foundation and The McGrath Foundation. Holman sits on the Corporate Governance Committee at the Australian Institute of Company Directors.
She holds an MBA and a postgraduate diploma in management from Macquarie University and is a graduate of the AICD.
Guy Debelle Brings Deep Central Bank And Markets Experience
Debelle chairs FundsSA and sits on the boards of the Clean Energy Finance Corporation, e61 and Tivan. He advises the Investment Committee of Australian Retirement Trust and chairs the advisory board of Famille Capital. He is an honorary professor of economics at Adelaide University.
Debelle spent 25 years at the RBA, including six years as Deputy Governor and ten as Assistant Governor Financial Markets. He later became Chief Financial Officer at Fortescue Future Industries.
Inquiry Targets Longstanding Operational Concerns
The inquiry follows growing concerns about ASX’s operational resilience. A botched software upgrade and trading glitches raised serious issues.
ASX initially attempted to rebuild its clearing and settlement system using blockchain-style technology in 2017. In 2022, after delays and rising costs, ASX abandoned the plan.
It later contracted Tata Consultancy Services to develop a new phased upgrade. ASX expects the first phase to go live in 2026.
ASIC and the Reserve Bank of Australia have both expressed concerns about the project’s execution and overall governance.
Also Read: ASX Tracks Global Cues As Tech Surge, Tariff Tensions And Soft Inflation Reshape Market Sentiment
Regulator To Receive Broad Support For Inquiry
The ASIC inquiry will be supported by a dedicated Secretariat. ASIC Senior Executive Jane Eccleston will lead the group.
The Secretariat will include secondees from the RBA, APRA and the ACCC, drawing expertise from multiple regulators.
Report Expected To Drive Future Regulatory Action
The expert panel’s findings will guide the next steps ASIC may take. ASIC has committed to releasing the report publicly.
ASX did not respond to requests for comment following the announcement.
ASIC’s intervention signals rising regulatory scrutiny of Australia’s main exchange operator. The panel’s work is expected to influence governance reform and technology risk management across Australian financial markets.
