Today the Australian stock market ASX confirmed there will likely be a delay in the go-live of its blockchain-based post-trade solution CHESS, which is currently scheduled for April 2023. Assuming it is delayed, it will be at least the third delay in the project that commenced in 2016.
As a replacement of the current CHESS system, the new version uses blockchain and smart contracts for clearing and settlement, enabling greater automation and efficiency in post trade processes. The CHESS solution is based on Digital Assets’ smart contract language DAML and VMWare’s enterprise blockchain.
The next iteration of code from its technology partner, Digital Asset, was scheduled to be deployed in April and has been pushed back to July. This release incorporates “non-functional tuning” and code fixes identified by customers. ASX will share additional timeline details in April.
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