Australia’s ASX Still On Par For Launching Blockchain-Based Settlement System By Early 2021

DLT-Based Settlement System By Australian Securities Exchange Is Still “On Track” To Launch By Early 2021

The Australian Securities Exchange (ASX) recently received attention after the departure of their CEO, Blythe Masters. The announcement, released on Tuesday, said that the three-year executive of the company had personal reasons for leaving. However, their progress towards establishing and launching their own distributed ledger-based settlement system hasn’t been hindered at all, based on a recent statement.

The deputy CEO for ASX, Peter Hiom, notified CoinDesk that they will still be pursuing the work on the DLT system. This new system is planned to take the place of the CHESS platform that they currently have in effect. While AG Gangadhar, who was previously a member of the DA board of directors, acts as the chairman, Hiom has remained committed to the cause.

Hiom said,

“ASX remains absolutely committed to DLT and our partnership with Digital Asset (DA) – our CHESS replacement program is on track and moving ahead at pace. We are working closely with DA at all levels on development, implementation and customer readiness for the replacement system, and we look forward to continuing this work with AG Gangadhar and the DA team.”

Considering the work that Master did before her departure, the DLT system won’t lose momentum. Hiom noted that the original plan to “bring DLT to market by early 2021” is still the goal. Making sure to note that there are no hard feelings against the former CEO, he added, “We thank [Masters] and wish her the very best.”