The CHESS clearing and settlement system that was being used by the Australian Securities Exchange () is edging closer to being replaced by a distributed ledger-based option.
Paper Details CHESS Replacement
The ASX released an 87-page which talks about the timeline of the switch and a detailed description of the supported and not-supported functions. The exchange firm primarily aims at launching the product in 2020 or at most, the first quarter of 2021. Prior to which, the firm is expecting feedback on its plans.
“Depending on the extent of consultation feedback received, ASX expects to provide a final functional scope and implementation roadmap in late July 2018,” the firm in the opening of the report.
ASX Interested in Blockchain’s Prowess Since 2015
Back in 2015, ASX expressed its interest in becoming one of the first in the stock exchange world to adopt distributed ledger technology (DLT) and has been effectively exploring the use of DLT since. It also aims at using the system for activities including post-trade settlement, by collaborating with , Blythe Masters’ blockchain startup.
The involvement of Digital Asset in the platform is commendable, as it built the system that allows the mutualization of financial market data and processes across multiple market participants. Due to the blockchain, the system maintains scalability and confidentiality – integral features for an exchange market platform.
For ASX, to be seizing the opportunity and adopting DLT is quite a feat. The sentiment is echoed by David Puth, CEO of , who believes that the move by the ASX is a game-changer and will establish standards for the blockchain enterprise.
Launching a system based on DLT will clear the air around the topic and make the functioning of the technology clearer for others in the industry. In a satirical remark, Peter Hiomx, , said, “You’re not entering the fourth dimension.”
ASX’s Two Year DLT Testing Phase
On December 13, 2017, BTCManager on ASX’s adoption of blockchain technology to facilitate its equity trading platform.
Previously, the exchange tested DLT for two years – including building proofs of concept, allowing potential users to test the platform, and beta testing the finished product in a live-trading environment.
The exchange made history as the first major stock-exchange to initiate implementation of a blockchain-based trade matching system.
In a press statement, Dominic Stevens, managing director and CEO of ASX, :
“We believe that using DLT to replace CHESS will enable our customers to develop new services and reduce their costs, and it will put Australia at the forefront of innovation in financial markets. While we have a lot more work still to do, today’s announcement is a major milestone on that journey.”
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The Federal Trade Commission () is to host a day’s event at DePaul University, the largest institution in Chicago with over 23,000 students, on June 25, 2018. Through their Bureau of Consumer Protection arm, the agency is beginning a reinvigorated process of public education on cryptocurrencies.
FTC Separating out the Rot
In the words of the , “As consumer interest in cryptocurrencies like has grown, scammers have reportedly become more active in this area,” and the June 25 meeting is the beginning of public engagement the FTC feels is needed to bring people up to speed, make them aware and keep them protected in the cryptosphere.
(Source: FTC)
Having now amassed a history of consumer interaction with cryptocurrencies, and especially after 2017’s wild , the FTC is rolling out accumulated evidence and ways in which consumers can recognize and avoid scams in the virtual currency arena. In the release, the agency notes that “Reported scams include deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines.”
Although short, within that sentence lies the entire gamut of swindles that keep popping up in the digital coin arena, with phishing being of intense concern, alongside exchanges’ security protocols. The worst press for cryptocurrencies has come from the often alarming number of hackers exchanges in 2017 – 2018.
The event is free, and the public is being encouraged to attend. The FTC has been embroiled in the emergence of digital coins, whether it liked it or not, from the outset, and the authority is continuing its mandate of gathering information, identifying irregularities and educating consumers, especially crypto-consumers, while also preparing evidence that before the courts.
Many of the incidents of fraud recorded by the agency have centered on criminals trading on consumers’ often vague understanding of how exactly blockchain tokens are transacted, allowing fraudsters to phish or otherwise wheedle their way into a moment of misunderstanding and clear out people’s wallets. The FTC has thus adopted an educational stance, noting that the protocols at play are secure, but that users often fall victim due to a lack of understanding.
FTC Event: A Sign of Acceptance
Some of the wording of the release has lifted the hearts of digital coins enthusiasts all over the world, with the FTC saying that “The workshop is part of the FTC’s ongoing work to protect consumers taking advantage of new and emerging financial technology. As technological advances expand the ways consumers can store, share, spend, and borrow money, the FTC is working to keep consumers protected while encouraging innovation for consumers’ benefit.”
Rather than repudiating cryptocurrency’s right to exist, the tone and content of the FTC release is indicative of virtual currencies being now entrenched as a component of modern life and focuses on how best to employ blockchain currencies by being educated and thus protected while doing so.
Not even a year ago Wall Street was still sputtering about what a was, it seems that against the backdrop of massive uptake among bankers and business overall, the new stance is one of relatively silent acceptance.
The event will be a live webcast, with a link on the day of the seminar. According to the website, the event is “free and open to the public, [and] will be held starting at 1 pm Central Time at DePaul University located at 1 East Jackson Blvd., Suite 8005, Chicago, IL 60604. Pre-registration is not required, but attendees are encouraged to register at fintechseries@ftc.gov.”
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