ASX Completes First Distributed Ledger Settlement Prototype
The Australian Securities Exchange (ASX) announced today that it has completed the first phase of a distributed ledger tech trial.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/34M7QBDM2VEDPOIMTILIDQ2L7U.jpg)
(Shutterstock)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
The Australian Securities Exchange (ASX) announced today that it has completed the first version of a potential distributed ledger-based replacement for its existing settlement system.
Presentation documents published today by ASX reveal that a "working solution for subset of use cases" has been developed by the exchange in partnership with New York-based Digital Asset Holdings. A blockchain startup led by former JPMorgan exec Blythe Masters, ASX has invested more than $17m in the startup to date.
The process, ASX said, involved working with regulatory bodies in Australia as well as relevant exchange stakeholders. ASX is now weighing how to go about replacing its existing settlement system, known as CHESS, and blockchain tech is being looked as a one possible overhaul path.
ASX CEO Dominic Stevens said in a speech today that the exchange has "begun work on the next stage of this journey", according to Computerworld.
Next steps include building "an industrial strength platform" that iterates on the working solution and continuing to engage with stakeholders.
Deputy CEO Peter Hiom reportedly told presentation attendees:
The decision of whether to use the technology as an commercial-grade replacement will be made in fiscal year 2018, the firm added.
ASX also said that it has spent AUD$50.2m ($38.5m) on technology over the past fiscal year, though the exchange did not break down how much of this amount was spent on its distributed ledger work.
Image Credit: Passion Images / Shutterstock.com
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.