The Australian Securities Exchange says it will begin the switch from its Chess post-trade settlement system to a new blockchain-based platform provided by Digital Asset between the fourth quarter of 2020 and the first quarter of 2021.
In a consultation paper outlining the move, ASX is proposing a single cutover weekend from Chess to the new system, with customer tests beginning in Q1 2019. Migration testing is planned to begin in June 2020 and will culminate with dress rehearsal weekends in preparation for go-live.
The ASX says that approximately 50 new business features will be made available over the new platform in areas as diverse as: account structures and information; pre-settlement; settlement; and corporate action processes.
Market participants will be able to connect in a similar way they do today, with the addition of using contemporary global ISO 20022 messaging, or they may interact directly with a node on the distributed ledger.
Read the full consultation paper:Download the document now 1.4 mb (Chrome HTML Document)