Australian Securities Exchange delays new blockchain-based system until 2023

The new system will replace the 25-year-old Clearing House Electronic Subregister System on Australia’s main bourse

The Australian Securities Exchange (ASX) has delayed the launch date of its blockchain clearing system until April 2023.

ASX had warned of a delay to the project which in March was scheduled for 2021. A revised target of April 2022 has now been moved to 2023 after consulting market participants, ASX said.

The new system will replace the 25-year-old Clearing House Electronic Subregister System (CHESS) on Australia’s main bourse and give the option of accessing distributed ledger technology, such as blockchain.

The replacement of CHESS is part of a broader initiative at ASX under chief executive Dominic Stevens to digitise all the paper-based processes involved in shares and futures trading.

ASX is in the middle a multi-year programme to change its technology. The changes include upgraded data centre infrastructure, increased investment in cyber security plus greater use of data analytics and data visualisation tools.

What is your sentiment on AUD/USD?

0.67983
Bullish
or
Bearish
Vote to see community's results!

ASX has already invested in its market surveillance technology, upgraded its market announcement platform and, in the next few weeks, will upgrade its equity trading system.

FURTHER READING: Central banks’ central bank to trial CBDC by end of 2020

FURTHER READING: The Bahamas launches its central bank digital currency

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image