ASX CEO Expresses New Confidence in Blockchain Post-Trade Tests

ASX deputy CEO Peter Hiom

The Australian Securities Exchange (ASX) revealed today that it expects to increase the amount it will invest in distributed ledger technology as part of its broader plans to become the first exchange in the world to upgrade to post-trade services built using the technology.

After having already invested AUS$20.3m to develop the technology and research its benefits, the exchange’s CEO, Dominic Stevens, now says that number will rise to AUS$50m ($38.5m) by the end of this year.

The money is intended to build on DLT being developed by blockchain startup Digital Asset Holdings, of which it is a financial backer, along with other infrastructure investments.

Speaking today during a presentation of the exchange’s financial performance, chairman of ASX’s DLT platform, Peter Hiom, further said that a series of tests has given the company new confidence its investments will lead to a faster and more scalable solution than its existing Clearing House Electronic Subregister System (CHESS) platform.

Hiom said:

“We have also made good progress with our technology partner, Digital Asset Holdings, to build base-level functionality to facilitate cash market settlement.”

During the talk, ASX reported a total group revenue increase of 2.8% to AUS $386.6 million, with

Read more ... source: CoinDesk

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