Today, the Australian Securities Exchange’s (ASX) regulators outlined their expectations for the DLT-based CHESS replacement system. They emphasized the importance of replacing the system “as soon as can be safely achieved”. That’s despite pressure for the ASX to delay launch beyond the recently pushed back target of April 2022.
The Reserve Bank of Australia (RBA) and the Australian Securities & Investments Commission (ASIC) noted that the spike in trading volumes in March had caused processing delays. Hence their eagerness for the replacement system. “Replacing the system with more modern technology is critical to ASX’s ongoing management of systemic risk,” said RBA Assistant Governor Michele Bullock.
Partly as a result of COVID-19, the ASX already delayed the launch by a year to April 2022. And some are pressuring for even more time. That includes stock transfer company Computershare which has also made antitrust complaints.
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