ASX prepares to launch DAML training service

Sees revenue opportunities in DLT solutions, DataSphere and Sympli

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ASX Limited, which operates the Australian Securities Exchange, says it is seeking new revenue opportunities in distributed ledger technology (DLT), its open data science platform DataSphere and its e-conveyancing offering Sympli.

ASX said today that it was interested in providing training in Digital Asset Modeling Language (DAML) — a smart contract language — in conjunction with US-based company Digital Asset Holdings, as well as launching a DAML partners program.

ASX is a part owner of Digital Asset, which is helping build out a blockchain-esque DLT platform for the market operator. The platform will replace ASX’s CHESS post-trade system and the underlying infrastructure will be available to Australian enterprises.

“Our DLT solutions opportunity is focused on encouraging others to innovate on our platform, be it adding valuable functionality to the cash equities market or helping develop new DLT technologies in areas separate to CHESS,” ASX CEO Dominic Stevens told shareholders today.

“There are a number of organisations working in this space. We see it gaining more traction once the significant workload of rolling out the core CHESS application is done.”

DataSphere will have the majority of ASX’s data catalogue curated and loaded by June, the CEO said.

“This platform is providing a big data technology solution for ASX that can also be accessed and leveraged by our customers,” Stevens said.

ASX is also using its payments infrastructure and InfoTrack’s conveyance experience to build a “modern technology platform” called Sympli.

“Here, ASX is the challenger rather than the incumbent,” Stevens explained. “We are building what we believe is a superior solution that will integrate better with the banking and conveyancing market.”

The Australian e-conveyancing market is dominated by PEXA.

“I am pleased to confirm that we are connected to the RBA and connected or connecting to two of the major retail banks,” Stevens said. “This has allowed Sympli to complete its first financial conveyance as well as other transactions. We are confident that the remaining connections will take place over the course of 2020.”

Stevens said that ASX has progressed well with a significant structural upgrade of its technology stack.

“For every enterprise today, the maintenance of contemporary technology is critical to meeting the changing and diverse needs of customers. Our best known project is the rollout of the CHESS replacement system, around which a growing number of third parties are exploring how the underpinning distributed ledger technology might be deployed in other areas.”

“We are transforming our entire technology stack, from the operational databases and communications infrastructure we use, to the way we deploy distributed ledger, cloud, big data and AI tools,” Stevens said.

“DLT will generate value by helping our customers better engage with each other by using ASX infrastructure to add new products, services and efficiencies.”

ASX’s new secondary data centre, which replaces the one used for the past 20 years, is due to be complete by the end of the fiscal year and will provide a more resilient platform with increased system performance and the ability to introduce new functionality more efficiently.

The rise of technology in the exchange has prompted the ASX to launch its new S&P/ASX All Technology index, with the code XTX, next week to enhance the profile and understanding of the tech sector in Australia, and increase opportunities for investors.

Copyright © 2020 IDG Communications, Inc.

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