⁍ ASX had flagged a delay to the project, which was scheduled for 2021, amid market turmoil in March.
⁍ A proposed target of April 2022 has now been moved to 2023 after consulting market participants.
⁍ The new system will replace the Clearing House Electronic Subregister System.
– Australia’s stock exchange says a pioneering new clearing system based on blockchain won’t be up and running until April 2023. The Australian Securities Exchange says the delay is due to demand from the financial industry for “substantially more post-trade processing capacity than what had been contemplated pre-COVID-19,” which was supposed to be in place by April 2022, Reuters reports. The new system will replace Australia’s current electronic subregister system and allow users to access distributed ledger technology, one example of which is commonly known as blockchain. “The industry … requested substantially more post-trade processing capacity than what had been contemplated pre-COVID-19,” the company said in a statement. “This is in response to the extreme increases in trading volumes on the ASX platform during the most volatile period of the pandemic in March.”
Source: https://www.reuters.com/article/asx-blockchain-int/asx-delays-blockchain-transition-until-2023-idUSKBN27D07V