The Sydney Stock Exchange (SSX) has confirmed its project to build a public blockchain platform that will drastically reduce settlement times of trades and equities. The Sydney Stock Exchange is pressing ahead with a new blockchain settlement system that will position itself as a low-cost alternative to the current clearing and settlement system delivered by the Australian Securities Exchange (ASX). The project was initially announced in May to attract venture capital and private equity funds to exit their investments by looking to list on the SSX instead. The blockchain project is expected to complete in early 2018. Sydney-based blockchain startup Bit Trade Labs will help as consultants with the project which will ultimately see settlement times reduced from four or more days to an instantaneous transaction. Loretta Joseph, SSX director of market development confirmed recent developments while speaking at the SINET 61 conference in Sydney yesterday. According to ZDNet , Joseph said that the project took off in response to the monopoly held by the ASX in the clearing and settlements infrastructure in the country. She stated: This provides the ideal opportunity for my little exchange to develop its own clearing settlement registration function. It means that I can take control of my own destiny rather than relying on my own competitor. While the project has been in development for over a year, recent changes to Australian Clearing Competition laws has accelerated SSX’s development of its ledger with the government encouraging competition in the industry. Furthermore, Joseph sees Australia gaining a global edge in the blockchain space due to an innovation-friendly regulator and government. We have one regulator and that regulator is very supportive of technology change and we have a government that has an innovation agenda. Australia is right in a sweet spot to drive this change. The […]
