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股票登记机构试图推迟澳大利亚证券交易所区块链的推出

2020-6-29 12:23

 

澳大利亚证券交易所(ASX)计划在2021年4月推出其区块链清算和结算系统CHESS。由于COVID-19的原因,ASX在3月份表示,它将在本月就推迟CHESS的推出进行磋商。但一些市场参与者,尤其是股票登记机构,一直抵制这个平台,担心它侵犯了他们的地盘。英国《金融时报》昨日报道称,股票登记机构Computershare正在游说,希望将ASX分布式账本技术(DLT)的推出推迟两年。


英国《金融时报》表示:“澳交所的几位客户向英国《金融时报》表示,他们担心澳交所可能利用此次技术改革,将其在清算和结算方面的主导地位扩大到其他市场,包括股票登记服务。”


一年多以前,我们报道过,CHESS系统可能是与区块链有关的第一个比赛投诉的主题。我们相信这只是第一个,因为区块链平台的本质是它们经常消除对中介体的需求。最近的隆隆声听起来与之前的类似。令人担忧的是,CHESS DLT平台的功能可能与一些目前的份额登记服务重叠。这是因为事务数据将在DLT上可用。对成本增加的担忧再次上升。


去年,副首席执行官Peter Hiom明确表示:“我们不会强制提供任何额外的用户数据,也不会为象棋替换项目增加费用。”在本周发布的一份针对发行者的情况说明书中,澳大利亚证交所表示:“澳大利亚证交所对同类服务收取的费用不会改变。”ASX并没有通过向发行商收取更高的费用来收回替换CHESS的成本。在其他地方,它解释说,成本由资本支出预算支付。


同一文件还指出,CHESS的更换将不会消除需要登记。“股票注册服务将继续提供,并将在发行方中发挥重要作用。”几家股份注册机构已经开始与我们合作,利用分布式账本技术提高向发行者提供的服务。“当任何技术解决方案进化时,基本的功能就会商品化,所以就需要提供增值服务。”


除了广泛的咨询和发布大量的技术更新,ASX已经为市场参与者做出了重大的调整。为了获得DLT的全部好处,组织应该运行DLT节点。然而,这可能是一个太大的要求,因此,相反,参与者可以用更传统的方式进行通信,如通过AMQP和SWIFT使用ISO 20022等消息标准。使用DLT三年免费,但发送消息要收费。


该平台由Digital Asset开发,广泛使用了DAML智能契约语言。ASX已向Digital Asset投资3090万美元,目前已融资1.5亿美元。数字资产合作伙伴VMWare最近加入了团队,区块链已经从数字资产的账本转换为使用DAML的VMWare区块链。


由于ASX是市场运营商或中央清算方,只有ASX可以写入初始解决方案的总账。然而,未来的应用程序不需要一个中央方将被分发。


考虑到本月开始就上市时间进行的磋商,澳洲证券交易所宣布新的推出时间表应该不会太久。

 

The Australian Securities Exchange (ASX) had scheduled to launch its blockchain clearing and settlement system CHESS in April 2021. Because of COVID-19, the ASX said in March that it would consult this month about delaying the CHESS rollout. But several market participants, particularly share registrars, have resisted the platform over concerns that it encroaches on their turf. Yesterday the Financial Times (FT) reported that share registrar Computershare was lobbying for a two year delay in the ASX distributed ledger technology (DLT) launch.

The FT stated that: “Several ASX clients expressed concerns to the FT that the exchange could use the tech overhaul to extend its dominance in clearing and settlement into other markets, including share registry services.”

More than a year ago, we reported that the CHESS system was the subject of perhaps the first competition complaint relating to blockchain. We believe this is the first of many because the nature of blockchain platforms is they often remove the need for intermediaries. The latest rumblings sound similar to earlier ones. The concern is that the CHESS DLT platform’s functionality may overlap with some of the current share registrars’ services. That’s because transaction data will be available on the DLT. And concerns about increased costs have been raised again.

Last year deputy CEO Peter Hiom made clear that “we will not mandate the provision of any extra users’ data nor will we be increasing fees to pay for the CHESS replacement project.” In a factsheet for issuers published this week, the ASX says, “ASX fees for like-for-like services will not change. ASX is not recovering the costs of CHESS replacement by charging issuers more.” Elsewhere it explains the costs are covered by its capital expenditure budget.

The same document also states the CHESS replacement will not remove the need for registrars. “Share registry services will continue to be available and play an important role with issuers. Several share registries are already working with us to enhance their offering to issuers using distributed ledger technology.” When any technology solution evolves, basic functionality becomes commoditized, so there’s a need to offer added value services.

Apart from extensive consultations, and publishing numerous technical updates, the ASX has already made a significant accommodation to market participants. To reap the full benefit of DLT, organizations would run DLT nodes. However, this might be too big a requirement, so instead, participants can communicate in more conventional ways using messaging standards such as ISO 20022 via AMQP and SWIFT. DLT access is free for three years, but messaging will be charged.

The platform was developed by Digital Asset and makes extensive use of its DAML smart contract language. ASX has made an investment of $30.9 million in Digital Asset, which has raised $150 million to date. Digital Asset partner VMWare was brought into the team more recently and the blockchain has been switched from Digital Asset’s ledger to VMWare Blockchain using DAML. 

Because the ASX is the market operator or central clearing party, only the ASX can write to the ledger for the initial solution. However, future applications not requiring a central party will be distributed. 

Given consultations about the launch timing started this month, it shouldn’t be too long before the ASX announces its new rollout schedule.

 

来自: Ledger Insights