Australia’s largest stock exchange on the chain chain replacement CHESS “more and more confident”


nnPost Comment: The Chairman of the Australian Exchange is optimistic about the potential of the block chain technology to replace the existing post-trade settlement solution CHESS. Although the current manual CHESS still meet customer needs, most investors choose to continue to use it, but the Australian Exchange will continue to explore the block chain platform alternative.n
nTranslation: Annie_Xun
The chairman of the largest Australian stock exchange is optimistic about the potential of the block chain technology to replace the existing post-trade settlement solution CHESS.n
The Australian Securities Exchange (ASX) is probably the first large stock exchange in the world to open its willingness to use block-chain technology. CCN reported in 2015, when ASX general manager Elmer Funke Kupper stressed that the block-based platform is an alternative to ASX existing CHESS (Clearing House Electronic Subregister System) an important option. To the center of technology is considered to be the technical upgrade of the “20 years of opportunity.”n
In January 2016, ASX investors were A $ 14.9 million to purchase a 5% stake in Digital Asset, a New York block chain company. ASX said, Digital Asset developed a chain-chain platform will “significantly simplify and accelerate the post-transaction process.” CHESS conducted a 20-month test of the block-chain solution.n
Despite some hurdles, ASX may move the post-transaction settlement process to the block chain, which earned an annual earnings of $ 10 million for ASX, or $ 55 million. With traditional manual CHESS, ASX has become the world’s most profitable large exchange, with a profit forecast of 77% in 2017 and 71% of its closest counterparts.n
In other words, investors want to profit may continue to use CHESS, but ASX is moving forward.n
Rick Holliday-Smith, chairman of ASX, who spoke to investors at the company’s annual meeting,n
n”We are increasingly convinced that the technology will simplify the operation of our market, unlock new efficiency and innovation era.”n
nAnd ASX CEO Dominic Stevens also revealed that ASX has “demonstrated more than 60 distributed book systems or CHESS alternative projects for more than 110 companies and more than 500 participants in the global financial services industry.”n
He stressed that Digital Asset’s development of the block chain solution “real potential for increased market efficiency”:n
n”These are the ones that ensure that ASX is most familiar with the infrastructure needed after the stock market transaction.”n
nASX will decide in December to replace CHESS with a chain-chain platform.n

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