Central Banking

RBA hits out at further delay to new clearing system

Philip Lowe
Philip Lowe
Photo: Crawford Forum/Flickr

The Australian Stock Exchange has further pushed back the launch of its new clearing and settlement system till late 2024, prompting criticism from Australian financial regulators including central bank governor Philip Lowe.

Currently, ASX uses the Clearing House Electronic Subregister System, or Chess, to record shareholdings and manage equity transactions in Australia. The Chess system was introduced in 1990s.

ASX and its partner Digital Asset found that “more development” is need than was

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