ASX announces CHESS replacement
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ASX has announced the long-anticipated replacement of its CHESS electronic settlement system, with one based on distributed ledger technology (DLT) developed by Digital Asset Holdings, of which it owns 8.5%.
DLT is similar to the 'blockchain' technology used to verify transactions in so-called 'cryptocurrencies' such as bitcoin. However, while these cryptocurrencies rely on a wide, open network of computers to do the verification work, the ASX's new system will employ a private network of known users. Further details, including a timetable for implementation, will be announced in March 2018.
For Australian sharemarket investors, the new technology has the potential to improve efficiency, reduce costs and cut settlement periods. We expect most of the cost benefits to ASX to get passed on to customers, but the move should reduce the likelihood of competition in clearing and settlement.
Alongside the announcement, ASX said it would be taking up its rights in a fundraising by Digital Asset Holdings, to maintain its stake, and would also be subscribing US$3.5m to a convertible note issue.
The stock is up 5% since our update on the 2017 result and we continue to recommend that you HOLD.
Note: The Intelligent Investor Equity Growth and Equity Income portfolios own shares in ASX. You can find out about investing directly in Intelligent Investor and InvestSMART portfolios by clicking here.
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