ASX: 91% of CHESS Users Ready for Proposed April 2022 Launch Date

The Australian Securities Exchange (ASX) has revealed some of the findings from its consultation on the CHESS replacement system today, unveiling that more than 90 per cent of CHESS users are able to meet the proposed go-live date of April 2022.

Based on Distributed Ledger Technology (DLT) Distributed Ledger Technology (DLT) A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to Read this Term), the new equities clearing and settlement system will replace its decades-old CHESS system. As part of this, the ASX is now reviewing the feedback it received during the consultation period, which was closed on 28th July 2020.

As of 4th August 2020, 91 per cent of CHESS users, who made submissions during the period, will be ready for the revised April 2020 go-live date. The Australian exchange said that there were a few exceptions that were not able to confirm their readiness.

Instead, these firms have requested more information on particular issues from the ASX, which the exchange said it would assist them with, in the near-term.

Even though the majority of responses to the exchange were positive, the exchange highlighted in its statement today that it has not made a final decision on the revised schedule.

Before the exchange will commit to the new launch date, a detailed review of all submissions and any other considerations need to be undertaken before being finalised.

ASX Continues to Delay the Launch of CHESS Replacement

As Finance Magnates reported, in September of 2018, the ASX delayed the launch of its Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based CHESS system to the second quarter of 2021. Then, in March of this year, the exchange delayed the launch indefinitely.

Commenting on the update, Dominic Stevens, ASX Managing Director and CEO said in a statement: “We appreciate the input and responses we have received from the market – not just for this consultation but for the CHESS replacement project overall.

“The CHESS replacement project has involved the most interaction ASX has ever undertaken with the market. We’re grateful that so many CHESS users have responded constructively to this consultation. This provides us with a sound starting point as we now carefully consider all submissions.”