The Australian Securities Exchange’s (ASX) Clearing House Electronic Sub-Register System (CHESS) has been delayed yet again. The fourth setback for the blockchain-based upgrade is being blamed on the firm building the software, and is believed to have already cost A$187 million.
Another Delayed ASX Upgrade
Thanks to this latest setback, the ASX’s data warehouse is reportedly facing “several months of delay”. It was initially scheduled to go live in 2023, but this latest news is placing a lot of doubt on the timeline.
We recognise the impact these changes will have on our customers’ programming activities and apologise for the inconvenience.
Tim Hogben, ASX group executive
It is unlikely that accreditation schedules can begin until July or August of this year at the earliest. The ASX is shifting the blame for the delay to Digital Asset, the company developing the world’s first industrial-scale use of this technology.
Past ASX Blockchain Developments
In August 2020, the ASX looked to upgrade CHESS sooner than originally expected due to an increase in market pressure. However, in July of 2021, it was reported that ASX brokers were spending millions to adapt to the new blockchain-based upgrade, with CHESS making it difficult for SAFAA (Stockbrokers and Financial Advisors Association) members to interact.
Finally, the first of the Industry Test Environments (ITE1) for CHESS opened in December 2021. At the time it was a major step toward the final version of the system, which was set to go live next year.
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