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.

More news: LG V30+ To Be Launched In India On December 13th

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.


  • Streaking Capitals host slumping Blackhawks

    Streaking Capitals host slumping Blackhawks

    Wilson later added a shorthanded empty-net goal with 2:20 left in the game for the first four-point night of his career. The Hawks were controlling the puck in their own zone and held the Capitals to just one shot on goal.
    Quality of NZ drinking water 'inadequate'

    Quality of NZ drinking water 'inadequate'

    It's the second stage of an inquiry launched following the August 2016 water contamination in Havelock North, which left 5000 people sick.
    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.
  • Ole Miss softens stance on transfer restrictions

    Ole Miss softens stance on transfer restrictions

    There are at least five known players looking to transfer from Ole Miss, including at least two who are likely headed to MI . Patterson, the No. 1 quarterback recruit in the country two years ago, grew up in Toledo before moving to the South.
    Giroud admits Arsenal must do everything they can to keep Ozil

    Giroud admits Arsenal must do everything they can to keep Ozil

    The 29-year-old is believed to want a significant rise on his current £140k-a-week wages along with a sizable signing on bonus. Wenger was pleased with how Ozil changed the game and made Arsenal play their best football in the second half.
    Dragon's Crown Pro Confirmed For West, Out In Spring 2018

    Dragon's Crown Pro Confirmed For West, Out In Spring 2018

    You can choose to play between six different fantasy-themed characters: the Fighter, Dwarf, Amazon, Wizard, Elf, and Sorceress. Check out all of the improvements and witness the game in 4K glory at the ATLUS/SEGA booth (Hall B, #B210)!
  • Offbeat | 'Big as my head': Hawaii woman seeks record for huge avocado

    Offbeat | 'Big as my head': Hawaii woman seeks record for huge avocado

    Wang is waiting to hear back from Guinness to see if she will be the new record holder for heaviest avocado . The current record-holding avocado was found in Venezuela in 2008, and weighed 4 pounds, 13.2 ounces.

    NVIDIA Corporation (NVDA) Increases Dividend to $0.15 Per Share

    Finally, Susquehanna Bancshares Inc restated a "neutral" rating on shares of NVIDIA in a research report on Tuesday, February 7th. The firm owned 4,416,995 shares of the computer hardware maker's stock after selling 1,303,636 shares during the period.

    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.
  • Air New Zealand grounds flights after engine problems

    Air New Zealand grounds flights after engine problems

    During peak months, the airlines will jointly operate around 35 return services every week between Singapore and New Zealand, including Christchurch and Wellington flights.
    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.
    'It' Star Jack Dylan Grazer Joins DC Superhero Film 'Shazam!'

    'It' Star Jack Dylan Grazer Joins DC Superhero Film 'Shazam!'

    In the comics, Billy has a friend named Freddy Freeman, who is also imbued with superpowers and joins the Marvel family. The story follows Billy as a teen who is able to transform into an adult superhero when he says " Shazam! ".