ASX Delays Blockchain Transition Again: What’s Next for the Australian Securities Exchange?

The Never-Ending Wait for Blockchain

The Australian Securities Exchange (ASX) has hit the brakes on its blockchain transition for the third time, and it seems like they’re perfecting the art of procrastination. Initially eyeing a rollout set for April 2021, they’ve extended this timeline to April 2023 due to complications that even the best Netflix drama writers couldn’t dream up!

COVID-19: The Uninvited Guest

What’s the culprit behind these delays? Well, COVID-19 has been the recurring character in this saga. According to the ASX’s update on Oct. 28, the pandemic has not only shaken up global markets but also adjusted the needs and wishes of their stakeholders. Apparently, no one saw this coming – kind of like that plot twist in the last episode of your favorite show!

More Feedback, More Problems

As if dealing with the pandemic wasn’t enough, the ASX has promised stakeholders that they’d listen to their wants and needs regarding the new system. They’ve been scrambling to ensure the new Clearing House Electronic Subregister System (CHESS) can handle post-trade processing like a pro, especially given the spike in trading volumes since March 2020, when they saw a surge of 3.5 million trades over the year prior.

Scaling Up: What Does That Mean?

Effectively, the ASX aims to “scale to much higher processing levels,” which sounds fancy. Basically, they want to ensure the DLT system is equipped to handle the chaos that can accompany a volatile trading market. For those who like things in lists, here’s what’s on the ASX’s mind:

• Capacity: Tripling its processing capabilities.
• Flexibility: Adapting to ongoing feedback from industry leaders.
• Timelines: Not the friendliest term around here; they need to improve on being punctual.

The Stakeholders Speak Up

Let’s not forget the role of users in all this; they’ve been voicing concerns over the clarity of the transition to blockchain. Some users calmly suggested that they’ve experienced enough plot twists already and would like a straightforward transition without the occasional cliffhanger.

The Future: When Will This Drama End?

Since starting this journey in December 2017, ASX has been at it with blockchain tech development, releasing their initial code in May 2019. With Chi-X, their competitor, also vying for attention, the ASX faces an uphill battle in not just keeping up but ensuring they’re not overshadowed. Will the April 2023 rollout finally happen? Or will ASX find yet another reason to delay? Stay tuned – the plot thickens!