Sydney Stock Exchange successfully prototyped its open blockchain ledgerbr>
Sydney Stock Exchange (SSX) has successfully prototyped its blockchain smart register for real-time issuance and allocation of equity securities, within a month after confirming the project.
In May 2016, SSX and Bit Trade Labs announced the establishment of a joint venture to develop a blockchain-based equities market settlement and registration system. The latest announcement marks the first step towards the objective of building an instantaneous settlement-and-transfer-upon-trade (T-based DvP) platform.
“The banks [and the ASX] are effectively trying to build an intranet. If we put a control around who would come into [the internet] and who can’t, we wouldn’t have the internet today,” said Loretta Joseph, SSX director of market development.
SSX’s development of its ledger was accelerated following recent changes to Australian Clearing Competition laws, that now further encourages competition in the industry.