New ASX technology improves the competitiveness of Australia’s financial markets

(AGENPARL) - Canberra, -

The Turnbull Government welcomes the ASX’s announcement on its decision to move to a distributed ledger technology (DTL) based platform.

This move is consistent with the Government’s agenda to put Australia at the forefront of financial technology and efficient financial markets.

The ASX will replace the CHESS clearing and settlement system with a DLT based platform, developed by Digital Asset Holdings.

Over the coming period, the Government expects the ASX to continue its stakeholder engagement to deliver world class market infrastructure that ensures financial markets operate safely and effectively.

We support the ASX’s commitment to designing a system that does not raise barriers to access for non-affiliated market operators and clearing and settlement facilities.

This development puts Australia at the forefront of digital innovation in financial markets and will strengthen our financial system through greater efficiencies. It supports the Turnbull Government’s clear commitment to improving the international competitiveness of Australia’s financial markets and the efficiency of our financial sector.

We will continue to take action to support initiatives by our innovative FinTech sector to ensure Australia is globally competitive in this rapidly growing market. FinTech in Australia is on the march, having doubled in size since 2015, according to the recent EY Fintech Census. Developing this sector will drive a stronger economy, a more competitive market for consumers and more and better paid jobs.

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