The Australian Securities Exchange (ASX) has put off further efforts to use blockchain technology to facilitate a number of trading system components.
ASX stated in a statement made on August 3 that the stock exchange had anticipated upgrading the CHESS trading system by April of next year but added that there were still more development activities to be completed before the launch.
“Based on current information, we do not expect that the go-live date for new CHESS could be before late 2024,” ASX said.
The exchange is additionally anticipated to collaborate with Digital Asset to examine the new application and publish the findings.
Helen Lofthouse, Managing Director and CEO of ASX, admitted that the delay had led to dissatisfied customers but emphasized the significance of producing an accurate update.
“There has been significant progress with CHESS replacement. But it is important that we take time for a careful, independent review of the work done to date and the work still to do. CHESS is a critical system, and we must have high confidence in the schedule to deliver new CHESS safely. I know our customers will be as disappointed as I am with the uncertainty about the timeline for completion,” said Lofthouse.