The ASX has now confirmed the CHESS Replacement go-live date has been delayed by two years, to April 2023.
From our perspective, this system upgrade is a once in a lifetime technological advancement and we truly believe it will revolutionise the financial industry in Australia. The adoption of distributed ledger technology (DLT) will be hugely beneficial to issuers. It will enable direct access to real-time data, it will also create a rich ecosystem to innovative concepts and Applications that will be hosted in this new infrastructure.
As a technology company, Automic will continue to invest heavily in the adoption of DLT, looking beyond simply replacing how we interface with CHESS. Our large engineering team is proficient in DAML and is continuing to actively work on new initiatives, creating Applications to deliver the solutions and services Issues and Investors require.
Due to the modern, scalable and robust architecture of our registry platform combined with our skilled in-house development team Automic was on track to go live in April 2021 and we hoped this transformation would not be further delayed. Regardless, we remain committed and will continue to invest resources to become a market leader and innovator.
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