Today Dominic Stevens, Australian Securities Exchange (ASX) CEO, announced plans to retire this year. The replacement DLT CHESS settlement system is scheduled to roll out in April 2023, by which time Stevens will be out of the picture.
The Australian Financial Review (AFR) published a negative article, arguing that Stevens’ departure before the launch leaves unfinished business. And with a cost of A$250 million, it raised several questions. Stevens responded that he didn’t want to commit to another five years through 2028.
Top of the list of AFR questions is whether or not the CHESS platform is still scheduled to launch in April 2023 after several delays from an original late 2020 launch schedule. It even suggested the project might be dropped, which seems somewhat unlikely at this advanced stage. Particularly given that several other stock exchanges are moving in a similar direction.
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