Revealed Monday, ASX and Digital Asset have inked a three-party memorandum of understanding (MOU) to create a replacement DLT platform for the current Clearing House Electronic Subregister System (CHESS). MOUs are typically non-binding records that point to a company’s intention.
Established in 2015, ASX plans on the new DLT-platform to be launched by Spring 2021. At present, 30 to 40 percent of the new platform is accessible to replace CHESS.
ASX deputy CEO Peter Hiom told ZDNet that the MOU would help it extend both product offerings and service areas over Australia and New Zealand:
“This new partnership is a very positive development that will help us support a wider range of DLT solutions developed by the industry. It confirms our belief in the potential of DLT as we remain on track to deliver the CHESS replacement system in March-April 2021.”
ASX is additionally utilizing Digital Asset’s open-source, blockchain-centered language DAML for the project.
ASX’s current platform handles some AU $2 trillion in listed equities together with AU $5 billion processed per day.