Australian Securities Exchange Releases Blockchain Code For New Client-Testing Settlement System

Australian Securities Exchange (ASX) Releases Code For New Settlement System For Testing By Clients

  • The Australian Securities Exchange is launching a client-focused development system.
  • The new platform is a collaborative effort between ASX and Digital Asset Holdings.

The Australian Securities Exchange (ASX) has been working on a platform called Customer Development Environment (CDE), making it possible for their customers to connect with a blockchain node through the system. However, in an announcement posted on Tuesday, the ASX has made it possible for clients to test out the equities clearing and settlement system, which is entirely based on blockchain tech.

While still in development, connected users have the chance to test out system changes, redesign, and build on the platform. They will even be able to test out the business functionality side. According to deputy CEO Peter Hiom of Digital Asset Holdings, this platform shows the first time ever that market participants have a chance to connect directly by “taking a node.” Clients will have access to a real-time ledger of data, and additional features are planned to be implemented every eight weeks. However, the full feature set is not planned until the middle of next year.

As the new system is implemented, the CHESS clearinghouse system will ultimately be replaced. Considering that the CDE system has been in the developing stages since 2017, the ASX is likely to be prepared for the replacement. This project is being done as a joint project between ASX and Digital Asset Holdings, which was formerly run by Blythe Masters.

CEO Yuval Rooz of Digital Asset believes that the opening of an environment that allows clients to test for themselves is an “important milestone” for the whole project.

Blockchain technology first became a subject of interest for ASX in 2015, as the platform hoped to find ways to reduce the time and cost of operating on the CHESS system. CEO Dominic Stevens, who also works as the exchange’s managing director, has found enough research to suggest that a potential $23 billion could be saved through this implementation.

In the release published on Tuesday, the exchange expressed that they were keeping up with their timeline and were “on track” to launch the live version of the completed CDE system by springtime in 2021. This launch would be a year later than originally projected.

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