ASX blockchain upgrade delayed for fourth time

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The Australian Securities Exchange (ASX) has announced its highly anticipated AU$250 million (US$187 million) blockchain project has been delayed for release until late 2023 at the earliest.

See related article: Australian Securities Exchange to launch crypto-related ETF

Fast facts

  • CHESS, or Clearing House Electronic Subregister System, was initially slated for a blockchain upgrade by April 2021 to replace a transactions settlement structure adopted nearly 30 years ago.
  • This is the fourth delay for the CHESS upgrade after the ASX said in February the project was on pace for an April launch.
  • The ASX said the latest delays were on behalf of Digital Asset, the New York-based software development firm who were building the project.
  • ASX was put on notice by Australian regulators in November 2020 after investors were prevented from buying shares for nearly a whole day after a software malfunction temporarily shut services down.

See related article: How blockchain is transforming the investing and securities industry

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