Helen Lofthouse should start with a review of the $250 million CHESS clearing and settlement replacement project.
, should start with a root and branch review of the $250 million CHESS clearing and settlement replacement project.
But Chanticleer found it worrying when he said the final drop of code would happen later this year. In June last year, he told this column the final drop of code would be in November 2021.Clearing and settlement is one of the most critical pieces of financial market infrastructure. Its importance is clear from the regulation by both the Australian Securities and Investments Commission and the Reserve Bank of Australia.
He says this was obviously because their “antiquated” and costly business models were threatened by the distributed ledger blockchain technology which underpins the CHESS system.
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