Australia to implement settlement system based on DLT technology
The new listing system will replace the existing one called CHESS
The Australian Stock Exchange will implement a new settlement system based on blockchain technology, replacing the Clearing House Electronic Registration System (CHESS).
The reason for the measure is the huge trading volumes due to the pandemic, which requires a massive expansion of capacity. The system began a testing process in December with a launch window planned for early 2022.
Dominic Stevens, CEO of ASX, assured shareholders that the intention is to triple the capacity of its planned DLT system in order to increase the commercial volumes seen in early March.
Stevens asserted that the “demand for significant additional capacity and functionality from the day it is put into operation” must be evaluated based on an adequate extension that allows to adapt the service to the system.
Despite the fact that the replacement for Chess has generated great controversy and much debate, the ASX has been working to maintain the efforts for the last four years.
K. Villarroel
Source: cointelegraph
