Nasdaq to support ASX in post-trade technology overhaul
Nasdaq will replace Australian Securities Exchange’s (ASX) existing equities and equity options clearing technology platforms.
ASX says it wants to consolidate its number of post-trade platforms and this latest deal forms a “significant element” of its tech revamp programme outlined in February 2015.
Tim Thurman, CIO at ASX, says: “While we have announced that ASX is exploring the potential of distributed ledger technology – or blockchain – to transform settlement processes in our market, we will continue to operate our existing post-trade services as normal.”
The development will be undertaken on Nasdaq’s Genium INET clearing platform, already in use at ASX for futures clearing.
ASX also recently went live with Sentinel Risk Manager, Nasdaq’s post-trade risk management solution.
Phase 1 – the default management component – is now in operation. Once fully implemented, the new platform will provide ASX with a single, real-time risk management system across both its clearing houses and all asset classes, including real-time margin calculation and related customer risk analytics.
Nasdaq has provided technology to ASX since 1996. In addition to ASX, its exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across the US, Europe, Asia, Australia, Africa and the Middle East.
