FinClear CEO David Ferrall told a parliamentary hearing that ASX’s revised CHESS project still lacks transparency.
But ASIC should also be considering a staged, gradual regulatory approach to admit potential competitors, Mr Ferrall said, suggesting the proportionate approach it took to determining financial market licences could provide a viable model.
FCX, compresses typical two-day settlement times to real-time using similar blockchain to what ASX was exploring“Regulators should be encouraged to promote competition and new technology and do that under a proportionate approach, that doesn’t put markets at risk,” he said. “It is one of the many criticisms we have of the implementation of this project. First and foremost, the previous project failed; but, more importantly, we have no transparency at this point in time around what the new proposed solution will be.
The chairman of the separate board of ASX Clear and ASX Settlement, Stephen Knight, said on Wednesday its directors are committed to supporting the new advisory group, after the RBA and ASIC wrote to ASX demanding the group be properly resourced and operate transparently.
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