news / December 5, 2022
Back to News Technology is the solution to ASX’s CHESS troubles
Clearing and settlement modernisation will not succeed without finding a sensible way to introduce new technologies and allow competition with incumbent exchanges.
AFR
David Ferrall CEO FinClear
The Australian Securities Exchange’s inability to deliver a replacement for CHESS, its electronic settlement facility, has plunged Australia’s financial sector into uncertainty. As the ASX looks for a way forward in the coming months, it is worth seeking guidance from history as well as garnering the views of all stakeholders.
Next year is the 40th anniversary of Paul Keating becoming treasurer. During his tenure, Australia’s financial system began harvesting the benefits of competition and deregulation. As a result, our system is resilient while supporting efficient capital formation. This should be a source of pride.