The Australian Securities Exchange (ASX) has further delayed the rollout of its replacement post-trade platform based on distributed ledger technology (DLT), noting that more development is required than previously anticipated.
The pushbacks have become a regular occurrence from the Australian exchange operator for the project first announced in 2016.
The latest communication comes just days after Helen Lofthouse took over ASX as CEO. In a note, Tim Hogben, group executive, securities and payments at ASX, explained that Lofthouse has expressed support for the CHESS replacement project and will bring “a fresh set of eyes”.
“Helen is seeking an independent assessment of the new application and the remaining deliverables, and supports a process that will strengthen stakeholder confidence,” he added.
ASX will engage Accenture to provide an independent review of the new CHESS application, with the aim to identify necessary actions for ASX to communicate a revised timetable to finish the...
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