The ASX has been working with DLT specialist Digital Asset since 2017 to switch its Chess post-trade settlement system with a blockchain-based platform.
Initally set for go-live in April 2021, the venture has suffered a number of delays.
Ina assertion on the appointment of Acenture, the market operator says: “ASX and Digital Asset, our utility software program supplier, have recognized that extra improvement is required than beforehand anticipated to fulfill ASX’s scalability and resilience necessities for the applying. That is contributing to delays to the supply of the remaining technical parts of the applying.”
The Alternate says the assessment by Accenture may even establish essential actions for ASX to speak a revised timetable to complete the venture, including that it doesn’t count on the go-live date to be earlier than late 2024.
Australia’s securities regulator and central financial institution have expressed disappointment on the venture’s gradual tempo.
RBA Governor Philip Lowe says: “The delay within the go-live date for the Chess substitute system is disappointing. The assessment initiated by ASX is a vital step in offering assurance that the brand new Chess utility software program shall be match for objective. The substitute system should be protected and dependable to keep up investor confidence and the soundness of Australia’s monetary system.’
Responding to market issues, ASX’s managing director and CEO, Helen Lofthouse, says: “I do know our clients shall be as disillusioned as I’m with the uncertainty in regards to the timeline for completion. I apologise for the uncertainty and thank them for his or her shut and constructive work with us on this necessary venture.”,The Australian Securities Alternate (ASX) has known as in consultants from Accenture to run the rule over its much-delayed blockchain-based post-trade community.,
