Judith Fox: "ASX transition to blockchain system will cost millions of dollars" – Bits Media

by
Джудит Фокс: «переход ASX на систему на блокчейне обойдется в миллионы долларов» - Bits Media

The CEO of the Association of Stockbrokers and Financial Advisors of Australia said, that due to the transition of the Australian Stock Exchange to a blockchain system, group members' expenses are increasing.

Australian Professional Organization Leader stockbrokers and investment advisors Judith Fox (Judith Fox) said, that the modernization of the clearing and settlement system of the Australian Stock Exchange (ASX) and the transition to blockchain will cost members of the organization millions of dollars. Fox expressed her opinion during a speech before the Economic Law Committee of the Australian Senate.

“Many of Australia's Stockbrokers and Financial Advisers Association members spend millions of dollars, to be able to interact with the new distributed ledger technology, which ASX implements ", - she said.

Back at the end 2017 ASX reported, that the blockchain will replace its current Clearing House Electronic Subregister System (CHESS). In August 2019 of the year, the exchange confirmed the active development of the platform on the blockchain, and last summer, market participants demanded that ASX postpone the launch of the system for two years, as the new project "lacks clarity". As a result, ASX postponed the transition to blockchain until 2023 of the year.

Fox claims, that the costs are borne by all industry participants, which are in any way related to ASX and "other global exchanges".

«Инвестиции, necessary for working on world markets, keep growing ", - noted Fox.

An ASX spokesman attending the Committee meeting said, that modernization will entail certain costs, and that the size of these costs will be determined by the clients of the site.

“Customers choose themselves, how to interact with the new CHESS system ", - said the spokesman for ASX.

A new clearing and settlement system on the Australian Stock Exchange blockchain is currently undergoing testing - its official launch is scheduled for 2022-2023 year.