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The Australian National Stock Exchange (NSX) has said it will soon launch an automated trade clearing and settlement platform based on blockchain technology.
NSX said on Tuesday that its DLT-based Digital Exchange Subregister System (DESS), part of the ClearPay platform, was approved by the Australian Council of Financial Regulators at its October meeting. It is currently working with the Australian Securities and Investments Commission to finalize the process and the date it will be published on the Australian Securities Exchange.
Aims to access ASX Clear under the Open Access and Trade Acceptance Service regimes.
DESS is already “technically and operationally ready for service to begin accumulating data and writing to the blockchain,” the company said.
As previously reported, DESS is a joint venture between NSX and financial services firm iSignthis.
John Karantzis, CEO of iSignthis and NSX, had previously accused ASX of blocking the firm’s access to its clearing services. The stock exchange suspended trading of iSignThis shares last October.
ASX said the suspension was in order to hold a review after a market research group raised concerns about iSignthis’ disclosures, governance, and shareholder structure.
ASX itself has built a DLT-based clearinghouse system to replace its older CHESS system since 2017.
In a recent announcement, ASIC and the Reserve Bank of Australia told ASX to continue development with minimal further delays.
NSX said its Nasdaq trading engine will initially be written on both the DESS and CHESS systems.
Unveiled in February, ClearPay uses distributed ledger technology to facilitate same-day payments and up-to-date accounting between trading participants, share register and exchange.
