Last year the Australian Securities Exchange (ASX) notoriously dumped its six-year clearing and settlement blockchain project, the new CHESS. As a result, regulators are smothering the exchange in regulatory oversight as it decides on an alternative CHESS replacement. Now Greg Medcraft, the former Chair of the Australian regulator ASIC, urged a new advisory group to avoid abandoning blockchain.
“Blockchain is still happening. Successful blockchain deployment has not been about a big bang: internationally, exchanges are taking a modular approach, and this is where ASX should go,” Mr. Medcraft told The Australian Financial Review. “That is the logical approach. You have to learn to crawl before you can walk.”
He blamed the CHESS failure on project mismanagement rather than blockchain, adding, “We need to be able to legally enable ‘atomic’ settlement – and blockchain technology can be used to innovate around settlement, to reduce risk.”
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