Australian Securities Exchange Considering Switching to Blockchain Technology

The Australian Securities Exchange (ASX) is considering swapping out its current clearing and settlement system with blockchain technology.
According to an article on CoinDesk:

According to the Sydney Morning Herald, ASX CEO Elmer Funke Kupper said blockchain technology could help cut the cost and time associated with its Clearing House Electronic Subregister System (CHESS).
The CEO added: “We are looking at what we can do to bring end-to-end efficiencies, and we have people looking very closely at blockchain to see if we can create efficiencies for our clients, investors and companies.”
He continued: “We’re thinking about whether there are smarter ways to do things – to remove a lot of administrative costs and reconciliation costs from the back end of investment banking and broking, and this is where blockchain could be potentially quite helpful.”
The upgrade of ASX’s clearing and settlement system is expected to begin by the end of next year.

Click here to read the full article on CoinDesk.