Economy

ASX finally makes its move and swaps CHESS for blockchain

ASX finally makes its move and swaps CHESS for blockchain

The ASX said previously that the new CHESS trading platform will provide 24-hour OTC clearing and OTC client clearing enhancements that it expects will provide "contemporary" technology and additional functionality.

Australia's equity market the ASX has made a decision to replace its CHESS system to record changes in shareholding with distributed ledger technology found in blockchain.

The transition is expected to start next year, with the timing to be decided around the end of March. The cost of developing the blockchain-backed system wasn't disclosed. ASX will be the first primary exchange to migrate to Blockchain but other regulated exchanges are expected to follow suit.

It is touted that blockchain technology is a more efficient and less expensive way to track trades.

Several other exchanges have been experimenting with blockchain technology. The press release says that CHESS was world-leading when introduced in the 1990s, providing name-on-register functionality, electronic communications and removing paper share certificates.

In late 2016, Deutsche Bundesbank and Deutsche Börse presented a prototype for blockchain technology-based settlement of securities.

The ASX plans to replace this with technology developed by Digital Asset, a company founded only in 2014. The platform would synchronize and standardize the exchange's database of equity trades.

Читайте также: Giroud admits Arsenal must do everything they can to keep Ozil

Blythe Masters, Digital Asset CEO, said, "After so much hype surrounding distributed ledger technology, today's announcement delivers the first meaningful proof that the technology can live up to its potential".

Last year, Wall Street banks including JPMorgan and Citigroup Inc. successfully tested blockchain ledger technology on credit-default swaps.

Over the past year, the ASX conducted industry-wide consultation, including quarterly webinars with over 150 participants; performed demonstrations of the blockchain-based technology to 110 companies from global finance companies; held a series of engagement workshops; and arranged six business committee meetings to prepare the DLT solution.

The ASX Ltd [ASX:ASX] was in need of replacing their CHESS system, the system that records holdings, executes trades and settles them. ASX and DA have agreed to work exclusively on DLT in Australia and New Zealand.

The testing confirms ASX's confidence in the functional, capacity, security and resilience capabilities of DA's application of DLT to meet the needs of Australia's financial marketplace and maintain the highest regulatory and operational standards.

The trial saw ANZ and Westpac, in partnership with IBM and shopping centre operator Scentre Group, digitise the bank guarantee process used for commercial property leasing using the blockchain. It said Thursday it would exercise its right to take part in Digital Asset's recent fund raising, buying US$3.5 million in convertible notes.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2017 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог


  • Revenue Approximations Analysis: BorgWarner Inc. (BWA), QUALCOMM Incorporated (QCOM)

    QUALCOMM Incorporated ( QCOM ) exchanged hands at an unexpectedly high level of 9.6 million shares over the course of the day. According to their observations and findings, the stock could provide a high EPS of $1.01/share and a low EPS of $0.89/share.
    Michael Flynn Vowed to End Russia Sanctions, According to Whistleblower

    Michael Flynn Vowed to End Russia Sanctions, According to Whistleblower

    Earlier this year, various plans to lift the Russian Federation sanctions circulated through the Trump administration, but Mr. Flynn didn't reveal his relationship with ACU Strategic Partners until August after leaving it off previous government forms.

    Analysts Upgrade/Downgrade Activity of Kinder Morgan, Inc. (KMI)

    It increased, as 45 investors sold HUM shares while 181 reduced holdings. 23 funds opened positions while 14 raised stakes. Magnetar Financial LLC cut its position in shares of Kinder Morgan, Inc. (NYSE:KMI) to report earnings on January, 17.
  • Aadhaar linking deadline will be extended to March 31, 2018

    Aadhaar linking deadline will be extended to March 31, 2018

    Aadhaar will also be made mandatory to open bank account or to secure loans. The government will issue the notification tomorrow.
    Minnesota Timberwolves vs Los Angeles Clippers: Lineups, preview & prediction 12/6/17

    Minnesota Timberwolves vs Los Angeles Clippers: Lineups, preview & prediction 12/6/17

    The Timberwolves threatened to bust the game wide open in the second half before the Clippers stormed back. Andrew Wiggins and Taj Gibson had 16 apiece, and Jamal Crawford finished with 11 points.
    Anthony Davis (adductor) remains out for Pelicans on Wednesday night

    Anthony Davis (adductor) remains out for Pelicans on Wednesday night

    The Nuggets made 10 of 19 3-point attempts in the first half, when they shot 51 percent overall and led by as many as 10 points. He forces teams to make decisions on if you're going to double-team him or play one-on-one and try to take away the other guys.
  • Apple to Release LCD iPhone With Metal Back Next Year?

    Apple to Release LCD iPhone With Metal Back Next Year?

    According to Nomura, the LCD iPhone arriving in 2018 will sport the same edge-to-edge design like the iPhone X . The phone will come alongside another OLED phone which will be the "Plus" model of the 5.8-inch iPhone .
    August Ames death: Is this why adult film star, 23, died?

    August Ames death: Is this why adult film star, 23, died?

    That being said, friends of Ames suspect it was a suicide, as she was prone to depression , The Blast reported . August Ames , whose real name was Born Mercedes Grabowski , was born in Antigonish, Canada on 23 August 1994.

    Research Report For Abbott Laboratories (ABT)

    Following the completion of the sale, the insider now owns 146,387 shares in the company, valued at approximately $8,131,797.85. Harbour Investment Limited Liability Company accumulated 37,825 shares. 1,300 were accumulated by Markston Intl.
  • Google shuts chrome apps section for Mac and Windows users

    Google shuts chrome apps section for Mac and Windows users

    Back in August a year ago , Google announced that it would be shuttering down the apps section in the Chrome Web Store . PWAs already work on Samsung's own web browser on its Android smartphones and Android versions of Firefox and Opera.
    NASA issues latest update on Raila's 'swearing

    NASA issues latest update on Raila's 'swearing

    The opposition leader has always been open to dialogue and even called for this before elections, his advisor Salim Lone said. Nation reports that Odinga is open for dialogue amid calls to abandon the swearing plan.
    Corey Feldman's 1993 Police Interview Naming Alleged Sexual Predators Discovered by Police

    Corey Feldman's 1993 Police Interview Naming Alleged Sexual Predators Discovered by Police

    Feldman recently said in an interview on NBC's "Today" show that police "have all this information" and that he "gave them names". At the time, officials with the Sheriff's Office told Fox News that Feldman had not revealed any names.