In March, the Australian Securities Exchange (ASX) announced that the launch of CHESS, its blockchain stock settlement solution, would likely be delayed from its planned April 2023 rollout. Today the ASX confirmed that the launch will be in late 2024 at the earliest. It also said that Accenture would provide an independent review of the new CHESS application.
The delay is because ASX and technology partner Digital Asset identified further work needed for ASX’s scalability and resilience requirements. The project uses Digital Asset’s smart contract language DAML for its workflow. Work on the solution started in 2016 with multiple delays, although market participants have demanded some extensions.
The Accenture review is at the behest of new CEO Helen Lofthouse, who succeeded Dominic Stevens on Monday. EY has already been engaged for ongoing assurance reviews at the insistence of the ASIC regulator. The consultant gave the project a clean bill of health in March.
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