The Australian Stock Exchange (ASX) announced a decision to postpone the transfer from the old CHESS Clearing House Electronic Subregister system to a new blockchain-based system.
Now the implementation of the solution is to take place no earlier than the quarter of 2021.
It is reported that ASX received about 40 written feedback on plans for the implementation of the new system from various clearing operations participants, payment providers and market operators.
Based on the recommendations received, management of the stock exchange decided to postpone the launch of the product and extend the testing phase.
“General opinion is that the system has too extensive functionality for implementation of the new system in such a short time.
This will lead to an increase in the complexity of the project and risks in the development”, – ASX representative noted.
Also, developers said that seven functions will be added much later than initially planned.
Worth to recall that the initial launch of a new solution created on the basis of distributed registry technology was expected back in March 2018, and intentions to launch blockchain-based solutions for post-trading customer service were announced even earlier, back in 2016.