Australian Securities Exchange to Build Blockchain-Based Platform
Announced today, the Australian Securities Exchange (ASX) has partnered with VMWare and Digital Asset to replace its existing exchange and clearing house with a new blockchain-based platform to deliver speed and security requirements at a greater scale. The three parties have signed a memorandum of understanding (MOU) move the Clearing House Electronic Subregister System (CHESS) onto distributed ledger technology (DLT) to increase transparency and efficiency in Australia’s capital markets space.
“This new partnership is a very positive development that will help us support a wider range of DLT solutions developed by the industry. It confirms our belief in the potential of DLT as we remain on track to deliver the CHESS replacement system in March-April 2021,” said ASX Deputy CEO, Peter Hiom.
The ASX expects the platform to be launched and available to investors by Spring 2021. The existing securities platform currently processes about AU$5 billion per day in registered equities and manages a total of AU$2 trillion.