The final report of the three-member panel, led by Commonwealth Bank director Rob Whitfield, attacked ASX Ltd's "insular and defensive culture", saying it had underinvested in critical market infrastructure in favour of higher shareholder returns.
The report was commissioned by the Australian Securities and Investments Commission in July 2025, after a number of embarrassing technical glitches at the bourse, including a full-day outage on November 16, 2020, and a settlement failure on December 20, 2024.
The panel's interim report, delivered in December, was so damning that it led ASIC to force the ASX to hold another $150 million in reserve.
It agreed to reforms following that report, including appointing independent directors not part of ASX Ltd to the boards that govern four of its settlement and clearing functions.
The final report, based on over 140 stakeholder interviews, revealed details of some of the ASX's technical issues but did not recommend any more specific reforms.
"A 'laundry list' approach of detailed recommendations for improvement has not previously served ASX or the market ecosystem well," the report released on Thursday said.
The ASX had become overwhelmed after being subject to more than 120 reports examining aspects of its governance, capability, culture and risk management in the past five and a half years, the inquiry found.
ASX chairman David Clarke said the 88-page final report, like the 21-page interim report, was tough reading.Â
"The panel ... found a culture that had become defensive and insular, where we don't spend enough time looking outward," he said.
"This is not how we shape and steward the exchange of the future."
The ASX on February 27 submitted a commitment plan to ASIC, outlining how it would deliver a strategic package of reforms.
Initiatives are underway to strengthen engagement between the ASX and its regulators, ASIC and the Reserve Bank, the report said.
The ASX is also hunting for a new chief executive after CEO Helen Lofthouse announced in February that she would leave in May.
The Australian Council of Superannuation Investors said in a statement that it would contact the ASX to urge a swift implementation of the actions outlined in the report.
"Australia's superannuation members deserve strong governance at the top to support the long-term performance of their retirement savings," the council said.
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