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ASX set to further delay roll out to Chess replacement system

The Australian Securities Exchange (ASX) is set to enforce a further delay to the cutover of its blockchain-based post-trade network, which was initially set for go-live in April 2021.

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ASX set to further delay roll out to Chess replacement system

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The ASX has been working with DLT specialist Digital Asset since 2017 to replace its Chess post-trade settlement system with a blockchain-based platform.

The Exchange in March last year confirmed a one-year delay to the roll out of the system, citing to the impact of the Coronavirus crisis on market volatility and user demands for more testing and additional functionality.

The latter issue is proving problematic, with the ASX notifiying users of unspecified issues with the timing of the next software release from Digital Asset Holdings.

The announcement comes after ASX chairman Damian Roche, departing chief executive Dominic Stevens and the executive in charge of Chess replacement, Tim Hogben, flew to New York at short notice last week for a meeting with Digital Asset executives.

In a statment, ASX says: "At this time, ASX advises that there is a strong likelihood of delay to the go-live date. We will engage with our software provider and stakeholders to assess the impact, and will update the market on this process."

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