ASX blockchain system go-live delayed
The Australian Stock Exchange (ASX) has pushed back the go-live of its blockchain system to between Q4 2020 and Q4 2021.
New Chess pieces not in place yet
As reported in December 2017, ASX announced its intended implementation of the technology to replace its existing equity transaction processing system.
In partnership with Digital Asset, which is providing the technology, it was said to be the “world’s first” securities exchange to adopt the technology as part of its core services.
The idea is to replace its current system, Chess (clearing house electronic sub-register system). Last year, ASX said it had spent the past two years researching and testing distributed ledger technology (DLT), which included independent third-party reviews of Digital Asset’s solutions.
ASX had expected to transition to the new system by the end of March 2018.
However, back in April this year, ASX outlined new features and the timetable for its DLT system to replace Chess.
Its paper also presents approximately 50 new business features delivered with the DLT system, including those to be implemented on day one.
Despite the delay, ASX points out that these dates are subject to completion of system development, stakeholder readiness and regulatory clearance.
