The Australian Securities Exchange (ASX) has further delayed its switch to blockchain after public lobbying from key stakeholders.
According to a June 30 update from the ASX, the exchange has officially delayed the rollout of Distributed Ledger infrastructure to replace its current system for processing equity transactions. ASX will now release the project — the replacement for the Clearing House Electronic Subregister System (CHESS) — in April 2022, a one-year push from its most recent timetable.
The exchange cited a number of reasons for the change including the current pandemic, accommodating changes requested by stakeholders, and providing a larger window of opportunity for development.
Peter Hiom, ASX Deputy CEO, said the exchange had “listened to the diverse views of stakeholders and accommodated feedback on timing, user readiness and changes to functionality.” He stated that the new CHESS system would “underpin Australia’s financial markets for the next decade and beyond.”
Customer feedback drives postponement
Users of the CHESS system lobbied