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The Australian Securities Exchange (ASX) will proceed with its plan to implement a clearing and settlement system based on distributed ledger technology to replace the CHESS platform. The announcement comes after the CEO of the company has resigned from office.
According to reports, the company plans to implement a new DLT system despite Blythe Masters, the company that leaves the CEO of the company. Peter Hiom, ASX's deputy chief executive officer, told reporters through his spokesperson that the Master's departures will not affect their plans for launching the new system.
The announcement stated that Masters, the three-year-old executive, left the company for personal reasons. The departure of the Masters forced AG Gangadhar, a member of the DA board, to act as president until someone else was chosen for the job. The Master will remain as a shareholder, a member of the board of directors of the company and a strategic consultant.
Hiom said:
"ASX will remain focused on DTL and our partnership with Digital Asset (DA) – our CHESS replacement program is on track and goes ahead as planned We are working with DA for development, implementation and the customer's readiness for the replacement system, and we are looking forward to continuing this work with AG Gangadhar and the DA team. "
From now on he plans to bring the ledger distributed at the beginning of 2021. Hiom added that Masters' work on the project helped to advance the DTL's efforts. He also said that Masters was an excellent friend of ASX. He thanked her for her efforts and wished her well. Initially, ASX had planned to implement the new system by 2020.
Reportedly, ASX will use a distributed or non-open distributed registry technology. The replacement of CHESS with a DLT solution will take place with the ASX secure space on a private, secure and authorized network. Only authorized participants will have the opportunity to access the system.
Furthermore, private contract information will not be shared with all participants. The new system will differ significantly with the current public blockchain. It will be a highly regulated market, which will include infrastructure providers with licenses to operate, a regulation that defines market operations and identification of participants to meet regulatory standards. It will also have greater data integrity.
