ASX (Courtesy: Twitter)
Blockchain News

Australian Securities Exchange Postpones Blockchain Settlement System Launch

ASX (Courtesy: Twitter)
ASX (Courtesy: Twitter)

Today the Australian Securities Exchange (ASX) announced it is postponing the launch of its blockchain settlement system CHESS to April 2023. Four months ago, it proposed a year’s delay to April 2022 and opened a public consultation. At go-live, the platform will include features that were originally planned for the version 1.1 release.

As outlined in June, the COVID-19 crisis resulted in a massive spike in ASX trading volumes, which meant the exchange needed to recalibrate scaling demands on the distributed ledger technology (DLT) CHESS system. 

There was also a call to include corporate actions such as dividend reinvestment plans (DRP) and bonus share plans (BSP). That was a topic that received pushback from some share registrars who earlier initiated antitrust complaints against the ASX. Those share registrars, which include Computershare, were pushing for an additional year. So it looks like a win for them.

Another feature that will be available at launch is instant settlement or non-batch bilateral delivery versus payment (DvP). Other additions include more extensive testing.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.