The Australian Securities Exchange (ASX) could replace its clearing and settlement system with a blockchain-based alternative.
Currently in the process of overhauling its entire technology infrastructure, the ASX is preparing to begin replacing the Clearing House Electronic Subregister System (Chess) by the end of next year.
Managing director Elmer Funke Kupper has told the Sydney Morning Herald that the exchange operator is "looking very closely at blockchain," citing the technology's potential to "create efficiencies".
"We see Chess replacement as a one-in-20-year opportunity. We're thinking about whether there are smarter ways to do things - to remove a lot of administrative costs and reconciliation costs from the back end of investment banking and broking, and this is where blockchain could be potentially quite helpful," says Funke Kupper.