Published: 28.03.2022
Article reading time:
2 minutes.
The Australian Securities Exchange (ASX) has announced another postponement of the launch of a blockchain settlement platform to April 2023.
ASX started developing a blockchain-based system back in 2017, together with New York-based Digital Asset. The exchange is confident that the new solution will replace the outdated Clearing House Electronic Subregister System (CHESS), which has been in operation for over 25 years. The organization initially expected the platform to be ready for large-scale testing in July 2020, with a launch in April 2021. However, due to the pandemic, ASX was forced to reschedule the launch of the system and reschedule it to April 2022.
ASX CEO Dominic Stevens said the organization is still on track for a long-awaited event that will once again have to be postponed for another year. ASX Group CEO Tim Hogben confirmed the delay, which was due to Digital Asset. The new software is expected to be received, tested, and deployed to the ITE1 industry test environment no earlier than July. It will include an iteration of non-functional application tweaks and code fixes, as well as vendor accreditation software.
ASX stated that due to a delay in software development, the accreditation schedule would have to be delayed until August. In addition, the connection of clients to the ITE2 test environment will be held not on April 18, as previously planned, but on April 27. It will be done in stages, along with setting up certificate management. Hogben noted that due to the delay in testing and attracting customers, the transition to a new platform should not be expected in October, as previously planned.
“We apologize to our customers for the inconvenience. We will actively work with all stakeholders to evaluate the impact of schedule changes on the project development, testing and operational stages,” Hogben said.
However, Judith Fox, CEO of the Association of Stock Brokers and Financial Advisers of Australia, does not support the launch of the new system. She believes that the introduction of the blockchain will only increase the costs of the members of the Association, which can cost them millions of dollars.
Source: Bits
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