ASX delays blockchain settlement system to 2023

guest · Oct 28, 2020

ASX delays blockchain settlement system to 2023
October 28, 2020
https://www.ledgerinsights.com/asx-delays-blockchain-settlement-system-chess/

Today the Australian Securities Exchange (ASX) announced it is postponing the launch of its blockchain settlement system CHESS to April 2023. Four months ago, it proposed a year’s delay to April 2022 and opened a public consultation. At go-live, the platform will include features that were originally planned for the version 1.1 release.

As outlined in June, the COVID-19 crisis resulted in a massive spike in ASX trading volumes, which meant the exchange needed to recalibrate scaling demands on the distributed ledger technology (DLT) CHESS system.
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Stevens continued: “The functional scope, capacity, scalability and testing of the CHESS replacement system now being developed is greater. It captures the increased requirements of ASX and the industry, and lowers the risk in delivering them. It is also consistent with ASX addressing the expectations of the regulatory agencies that CHESS be replaced as soon as it can be achieved safely and that the new system meets the market’s needs.”

With this delay, there’s a possibility that the ASX will not be the first major stock exchange post-trade system to go live.
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