Pexels/Manuel Geissinger
Main page News, Fintech, Tech, Blockchain, Exchange

The Australian Securities Exchange (ASX), which is the largest Australia's securities exchange, is about to change its Clearing House Electronic Subregister System (CHESS) with blockchain technology.

According to the official announcement, ASX has successfully opened the Customer Development Environment (CDE), which is based on distributed ledger technology (DLT).

ASX’s Executive General Manager Equity Post-TradeServices, Cliff Richards, claims delivering the development environment for customers on schedule "is a major step forward in ASX’s CHESS replacement journey."

"While we believe distributed ledger technology offers exciting opportunities for thewhole market to innovate, there is much still to do. We continue to work closely with our customers as weprogress towards delivery of the new system," he added.

ASX's clients can connect to the new system directly via a DLT node, which provides access to real-time, synchronized, source-of-truth data. This innovation is designed to reduce costs and complexity, and facilitate new business opportunities for intermediaries, issuers, investors and other users, notes the announcement.

ASX is about to go-live with its new DLT-based system in March-April 2021.

Earlier this year, the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s top financial intelligence agency, registered 246 cryptocurrency exchanges — a key initiative to legitimize crypto assets and "bring them" into the mainstream.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.