The Australian Securities Exchange (ASX) has confirmed a further delay to the cutover of its blockchain-based post-trade network, which was initially set for go-live in April 2021.
The ASX has been working with DLT specialist Digital Asset since 2017 to replace its Chess post-trade settlement system with a blockchain-based platform.
The Exchange in March last year confirmed a one-year delay to the roll out of the system to April 2023, citing the impact of the Coronavirus crisis on market volatility and user demands for more testing and additional functionality.
The latter issue is proving problematic, with the ASX notifiying users of unspecified issues with the timing of the next software release from Digital Asset Holdings.
In a statement on the latest setback, ASX says: "ASX now confirms that April 2023 for go-live is no longer viable. This decision reflects the delay to the remaining delivery of application software, which no longer gives ASX and Chess users the time allocated to complete their testing and other readiness activities before April 2023."
The exchange operator says it remains committed to the project and that a new go-live date will be determined after further updates from Digital Asset and input from market participants on the timing of project milestones, including industry testing, operational readiness, market dress rehearsals and implementation.