The ASX liked the idea of a blockchain-powered bourse because it would mean market participants could store their own copy of the distributed ledger that recorded the state of the market. That was subsequently revised to April 2022, then April 2023. The Register understands the platform was built in COBOL and runs on servers running the discontinued Itanium processors cooked up by HPE and Intel in the 1990s – a combination that saw the ASX announce a blockchain-based rebuild in 2017, with a planned go-live in 2021. ASX trading data suggests it handles 39.7 million trades in an average month. The application in question is called "CHESS" – the Clearing House Electronic Subregister System. Unfortunately, the project has struck trouble, again. The Australian Securities Exchange (ASX) is attempting to replace its core trading systems with a blockchain-powered alternative – an effort often touted as one of the world's most significant blockchain implementations.
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