ASX chooses Nasdaq to support its post-trade technology overhaul
The Australian Securities Exchange in March announced that it would replace its existing equities and equity options clearing systems with Nasdaq's Genium INET. The move reflects the exchange operator's commitment to consolidate its post-trade platforms, as it already uses Nasdaq's technology for futures clearing.
ASX also went live with Nasdaq's post-trade risk management solution, Sentinel Risk Management. The first phase of this solution, the default management component, is now in operation, and once fully implemented, this platform will provide ASX with a single, real-time risk management system across both of its clearinghouses and all asset classes.
ASX executives said that moving to Nasdaq systems is not a retreat from the exchange operator's previously announced blockchain investments. “As we’ve said, the potential of blockchain will be explored in parallel to operating our normal post-trade services, including rationalizing platforms and improving efficiencies for customers,” said spokesman Matthew Gibbs in an email. “Moreover, this is about clearing, whereas distributed ledger technology (blockchain) has the potential to transform settlement processes, mainly.”
