Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASX delays blockchain implementation

The securities exchange has announced a new start date for the implementation of blockchain technology after an extensive consultation with industry insiders and stakeholders.

The ASX unveiled the new plans in their paper CHESS Replacement: New Scope and Implementation Plan, which was written after a consultation period where they received 41 submissions from stakeholders.

The primary securities exchange announced in December 2017 that it would replace CHESS, the software used for the clearing and settlement of equity transactions with a distributed ledger solution, commonly referred to as blockchain.

The decision follows almost three years of testing and building enterprise-grade blockchain software with US distributed ledger company Digital Asset.

The replacement of CHESS onto the new software has now been pushed back from Q4 2020 and the ASX is now targeting March–April 2021 for commencement.

An additional six months will be provided for user development and testing and extend mandatory accreditation by six months.

Implementation of seven scope items will be delayed to post-commencement and one requirement will be brought forward to the day 1 commencement date in response to feedback.

The item being brought forward is the linking of bilateral settlements and the items to be deferred are certain settlement and pre-settlement functions.

“We do not underestimate the challenge to replace CHESS and transition the market to the new system. ASX’s dedicated CHESS replacement project and technical account management teams will support users through this critical industry-wide change program,” the ASX said in the paper.

“There will continue to be significant collaboration with stakeholders over the entire project. The ASX will ensure that further technical information, support and systems environments that customers and their vendors will need to connect to the new system are provided with sufficient lead times.”

Advertisement
Advertisement

PROMOTED CONTENT


[Related: ASX invests in e-conveyancing venture]

ASX delays blockchain implementation
ASX, blockchain
mortgagebusiness

Reporter

If you have any news, ideas or enquiries for Mortgage Business - please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The Federal Court has ordered Westpac to pay an agreed $1.3 billion penalty for breaching anti-money laundering and counter-terrorism financ...

The major bank has hired internally to fill the position of head of corporate finance, international, a newly created role overseeing the c...

The ASX-listed bank has reported strong third-party-driven loan book growth over the first few months of the new financial year. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.