The Australian Securities Exchange cancels the blockchain stock clearing system project

2022-11-17 07:58:41

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ChainCatcher news, the Australian Securities Exchange (ASX) has canceled its blockchain stock settlement and clearing system project. Since 2017, ASX has been collaborating with DLT specialist Digital Asset to utilize a blockchain platform to replace its CHESS post-trade settlement system.

ASX stated, "In light of the uncertainty surrounding the solution, the CHESS Replacement capitalized software will be canceled, resulting in a pre-tax expense of $245 - $255 million in the first quarter," and added, "After further review, including consideration of findings in the independent report, we concluded that the path we were on would not meet the high standards required by ASX and the market, and significant technical, governance, and delivery challenges must be addressed." (Source link)

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