The Australian Financial Review (AFR) reported that brokers are bearing high costs to adapt to the new Australian Securities Exchange (ASX) blockchain-based settlement system, CHESS. The ASX solution is now substantially complete and being tested with a go-live date of April 2023.
News about the costs came during a parliamentary hearing in response to questions from politicians. “Many of our members are spending millions of dollars in order to be able to interact with the new distributed ledger technology (DLT) that the ASX is implementing,” said Judith Fox, CEO of the Stockbrokers and Financial Advisers Association.
However, as clarified by AFR, the extent of those costs depend on how organizations plan to adopt CHESS which provides several options for connectivity.
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