ASX, the Australian Securities Exchange, announced today its intention to replace CHESS using distributed ledger technology (DLT) developed by American software company Digital Asset (DA).
ASX selects distributed ledger technology to replace CHESS. ASX today announces its intention to replace CHESS using distributed ledger technology #DLT developed by its technology partner Digital Asset (DA): https://t.co/c2std0eRtu
— ASX (@ASX) 6 декабря 2017 г.
CHESS (Clearing House Electronic Subregister System) is the system used by ASX to record shareholdings and manage the clearing and settlement of equity transactions in Australia. Now ASX plans to replace CHESS with a next generation post-trade platform using blockchain technology.
"We believe that using DLT to replace CHESS will enable our customers to develop new services and reduce their costs, and it will put Australia at the forefront of innovation in financial markets. Today’s announcement is a major milestone on that journey."
ASX Managing Director and CEO
The DA Platform uses Distributed Ledger Technology to allow the mutualization of financial market data and processes across multiple market participants. It does this while maintaining confidentiality and scalability, both critical for market infrastructures.
The ASX also announced that it has taken up its pro-rata right to participate in Digital Asset’s recently announced Series B financing. This additional participation brings the total funding raised by Digital Asset to over $115 million.