Today, markets operator Chi-X reportedly shared its concerns over the Australian Securities Exchange (ASX) blockchain project. The ASX plans to replace its clearing and settlement system with a blockchain solution, but, according to
Reuters, Chi-X thinks the project disadvantages other firms.
This is not the first controversy ASX has seen over its blockchain plans. In the initial stages, members were rumored to be unhappy with the change. They then
commissioned a report from Deloitte on competition and a lack of analysis on the benefits. Not long after that report, a
formal complaint was lodged to the Australian Competition and Consumer Commission (ACCC).
Now the exchange’s biggest client and only competition, Chi-X, has publicly suggested the ACCC look further into the blockchain project. The firm, which processes a fifth of Australia’s share trades, depends on ASX’s clearing system. ASX
plans to replace the 25-year-old CHESS system with one based on blockchain technology by 2021.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
