Blockchain

ASX blockchain-based CHESS replacement April 2023 go-live date ‘no longer viable’

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Australian Securities Exchange (ASX) group govt Tim Hogben has conceded that the April 2023 go-live date for the brand new post-trade resolution that might substitute the corporate’s legacy Clearing House Electronic Subregister System (CHESS) platform, which has been working for greater than 25 years, won’t be occurring.

Hogben pre-warned the market concerning the delay in March, blaming Digital Asset, the agency behind the construct of CHESS with the ASX, for the delay. On Wednesday, Hogben confirmed the April 2023 go-live date is “no longer viable”.

He defined it was as a consequence of modifications to the CHESS utility software program launch schedule in its Industry Test Environment 1 (ITE1), which has additionally impacted the beginning of accreditation and different mission milestones.

“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,” Hogben stated.

A brand new go-live date has but to be decided, however Hogben stated it would seek the advice of Digital Asset and different stakeholders on the timing of mission milestones, together with {industry} testing, operational readiness, market gown rehearsals and implementation, to determine one.

“We will seek this input through our stakeholder engagement working groups, commencing with an implementation and transition working group webinar on 23 May, followed by CHESS user and software provider working groups in June,” he stated.

This delay is the newest of a collection for the ASX, which had initially anticipated the system was going to be prepared for industry-wide testing in July 2020, and for the system to be able to go-live by April 2021.

However, the ASX revised the implementation timetable for changing CHESS as a result of COVID-19 pandemic. It then introduced it was going to seek the advice of on the timetable in June 2020 the place it had flagged as a risk that the CHESS platform could be prepared by April 2022.

Subsequent to that session, ASX introduced a month later the brand new go-live date could be April 2023, a date the ASX CEO Dominic Stevens confirmed in February the organisation was nonetheless on-track to realize.

When the brand new platform finally goes stay, it will be the world’s first industrial-scale blockchain use case.

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