ASX Cancels Blockchain Stock Clearing System Project

The Australian Securities Exchange (ASX) cancels the blockchain stock settlement and clearing system (CHESS settlement system) project, "Given the uncertainty of the solution, the CHESS Replacement capitalization software will be canceled, resulting in a pre-tax charge of 2.45 in the first quarter - 255 million”, the ASX said “after further review, including consideration of the findings in the independent report, we have concluded that we are on a path that will not meet the high standards of ASX and the market and that significant technical, governance and delivery challenge". Foresight News notes that since 2017, ASX has been working with DLT specialist Digital Asset to replace its CHESS post-trade settlement system with a blockchain platform.