The Australian Securities Exchange (ASX) has postponed the integration of its blockchain post-trade settlements system from late 2020 to Q1 2021 in response to concerns from stakeholders.
the ASX said it had received feedback from the industry in response to its initially-proposed timeline targeting a complete revamp of its settlements system by integrating blockchain technology as a replacement to its current Clearing House Electronic Subregister System (CHESS), its core system for the last 25 years.
The ASX said today:
“There was a common view in responses that too much new functionality was being proposed to be implemented in too short a timeframe, and it was argued that this would result in increased complexity and risk across project phases and in the implementation timeframe.”
Research indicates that the ASX will save millions with its blockchain pivot which, when live, will make it the first major exchange operator to implement the decentralized technology for a core process.