According to CoinDesk, ASX’s current platform handles some AUD 2 trillion in registered equities along with AUD 5 billion processed per day.
ASX and Digital Asset have signed a three-party memorandum of understanding (MOU) to build a replacement platform for the existing Clearing House Electronic Subregister System (CHESS) onto DLT. The MOU will help it expand both product offerings and service locations across Australia and New Zealand.
The exchange aims for the new DLT-platform to be up and running by Spring 2021. As of now, 30 to 40% of the new platform is available to replace CHESS. For this initiative, ASX uses also Digital Asset’s open-source, blockchain-focused language DAML.
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