RBA hits out at further delay to new clearing system
Blockchain-based system for Australian Stock Exchange won’t be operational until at least late 2024
The Australian Stock Exchange has further pushed back the launch of its new clearing and settlement system till late 2024, prompting criticism from Australian financial regulators including central bank governor Philip Lowe.
Currently, ASX uses the Clearing House Electronic Subregister System, or Chess, to record shareholdings and manage equity transactions in Australia. The Chess system was introduced in 1990s.
ASX and its partner Digital Asset found that “more development” is need than was
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However, economists say central clearing could still improve market functioning