The Australian Securities Exchange has decided to postpone the launch of its blockchain settlement platform indefinitely due to the unprecedented global crisis. The new blockchain settlement platform is supposed to replace the Clearing House Electronic Subregister System (CHESS) system.
The new blockchain settlement system was all set to go live in April next year, but the launch has been delayed to an unspecified date due to the coronavirus pandemic that the whole world is facing at the moment. AXS Deputy CEO Peter Hiom revealed that they are fully committed to implement the blockchain settlement system. He said that in light of recent events, ASX is re-planning the implementation of the CHESS replacement system.
The Deputy CEO Peter Hiom further revealed that in this environment of heightened volatility and activity levels, the industry needs to focus on day-to-day operations, and therefore, they will wait until June to consult on the new timetable. He said that by that time, everyone would have more time to consider the replan and better assess the implications of COVID-19, and then they will announce a new schedule.
The Deputy CEO further revealed that they would continue to work on the development of their system, with an eye on the long-term benefits from the financial services sectors and the broader economy.