Outgoing ASX CEO Helen Lofthouse leaves questions unanswered on tokenisation
Market participants say Australia is lagging on tokenisation solutions as the ASX is too focused on upgrading its clearing system.
Helen Lofthouse has hinted that tokenisation solutions could be on the cards for the ASX within the next few years. But with only weeks left as CEO of the local bourse, she has left some in the industry concerned the exchange is lagging behind its global peers.
The ASX launched the first release of its Clearing House Electronic Subregister System (CHESS) replacement project on Monday, which upgraded its clearing services. The ambitious project follows a ditched original program that looked to replace its technology with a blockchain-based system. Lofthouse shelved that plan in 2022, leading to a $245 million write-off.
The new clearing and settlement system, designed by Tata Consultancy Services (TCS), has the ability to bridge multiple distributed ledger providers, potentially enabling future innovation. This could include the ability to link to a distributed ledger for tokenisation solutions.
Lofthouse told Capital Brief the ASX has been on a “transformation journey” and the CHESS launch is a “proof point”. But she provided vague answers about the timeline for tokenisation.
