Australian Securities Exchange Planning To Triple Capacity of Blockchain Based System

The Australian Securities Exchange will postpone its blockchain-based CHESS replacement after enormous trading volumes as the contagion required a huge increase of capacity. The blockchain-based system had been planned for official trials in the month of December, with a premeditated launch window of the initial part of 2022.

At its annual meeting this year, ASX chief executive Dominic Stevens told shareholders they were looking to triple the capacity of its planned DLT system based on the surge in trade volumes seen earlier in March.

He further mentioned that the firm was looking into how much further the timeline needed to be stretched to take care of demand for noteworthy extra capacity and functionality from the day it goes live.

With authorized trials planned for December this year, the blockchain-based clearance system to substitute CHESS was initially planned to be introduced in the month of April 2022.

The Australian Securities Exchange has been working on the CHESS-replacement for the last couple of years, which has become the topic of considerable deliberation.

Rick Holliday-Smith, the chairman of Australian Securities Exchange, claims that the distributed ledger technology platform will introduce new routes for competition, and make clearance and settlement much easier for market partakers.