The Australian Stock Exchange (ASX) is once again migrating its systems to the blockchain, now because of the coronavirus pandemic. On March 25, ASX announced plans to change.
Since December 2017, ASX has been developing mechanisms based on distributed ledger technology that will replace the CHESS clearing system it uses. According to the latest data, and after the previous transfer, it was assumed that a full transition will be carried out in April 2021.
In light of recent events, ASX is replanning the implementation of the CHESS [Clearing House Electronic Subregister System] replacement system. We are conscious of the importance of providing a new schedule, and the need to get the valuable input of CHESS users.
ASX deputy CEO
The exchange admits that even before recent events, it received mixed reviews on its initiative. Some clients urged her to delay the integration of the blockchain. In accordance with the updated plan, the launch of a test environment for developers is scheduled for July 2020.
ASX remains fully committed to CHESS replacement. We continue to progress the project, including system development and testing, supporting back office software developers, and assisting users in their readiness activities. The investments we are making in the new system and in distributed ledger technology are for the long-term benefit of the financial services industry and the Australian economy.
ASX deputy CEO