Sydney Stock Exchange Completes Blockchain Prototype

The Sydney Stock Exchange has successfully prototyped a blockchain for equity securities.

AccessTimeIconOct 5, 2016 at 12:05 p.m. UTC
Updated Sep 11, 2021 at 12:32 p.m. UTC

The Sydney Stock Exchange (SSX) has announced that its blockchain-focused joint venture, APX Settlement (APXS), has prototyped a blockchain for equity securities.

First revealed in May, the blockchain system is part of a bid by the small exchange to become less dependent on the Australian Securities Exchange (ASX) for post-trade services through a partnership with local startup Bit Trade Labs. In statements, the companies called the news the "first step" toward an "instantaneous settlement-and-transfer-upon-trade" platform and this larger vision.

Going forward, SSX said APXS is exploring how to extend its technology beyond securities and commodities and into production environments.

Partners, according to APXS CEO David Lawrence, include the Australian government, regulators and local trade groups, and in statements, he further called on these parties to help make the market more equitable.

Lawrence said:

"Our ongoing program of development highlights the need for a technology agnostic regulatory environment to fully maximize the value of the emerging technology and competition."

Anzac bridge image via Shutterstock

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 a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.