The Australian Securities Exchange has given an arrival date for its much-anticipated trade clearing and settlement system that will replace the older CHESS system.
The new distributed ledger technology (DLT) will start clearing trades for the ASX about two years from now - somewhere between Q4 2020 and Q1 2021.
"The timing of implementation is subject to change following this consultation process, delivery planning that is currently underway, and throughout the lifecycle of the project as the platform is developed," ASX said in a statement on Friday.
Talk of a replacing the Clearing House Electronic Subregister System (CHESS) first began in 2015. ASX then undertook a two-and-a-half-year assessment of DLT and conducted a stakeholder engagement process.
About 50 new business requirements were identified in this stakeholder engagement, the ASX said in its statement.
The exchange has also released a list of features of the CHESS replacement that will be available from day one of implementation.
ASX's mFunds will be able to share investor details, automate regular payments and switch between funds.
Other features proposed to be available from day one of the replacement will be spread across account information, pre-settlement, settlement, corporate actions and reporting.
The new system is being developed by New York-based tech company Digital Asset which has in the past captured the interest of thematic and disruptive technology investors.
In December last year, ASX deputy chief executive Peter Hiom said the bourse will be the first to use a private and regulated blockchain network.
ASX will provide stakeholders an update on the implementation in July, 2018.