ASX on track for blockchain announcement

The ASX's potential rollout of blockchain or distributed ledger technology (DLT) is well on track, chief executive Dominic Stevens told the exchange's annual general meeting today.

An official announcement to determine the suitability of DLT to replace CHESS remains on schedule for December, Stevens said, adding stakeholder consultation is still underway.

Stevens said the project has been "a big undertaking" and pleased with the progress and the potential of DLT to deliver real efficiency gains for the market.

"We've given over 60 DLT system demonstrations or CHESS replacement workshops to more than 110 companies and over 500 attendees from the global financial services industry," he said.

"The process has been a fantastic opportunity for ASX to engage with its customers and build a detailed understanding of what the industry wants. This has also included identifying improvements for customers beyond the world of CHESS, which we are also looking to implement."

Stevens added Centre Point, the ASX's anonymous mid-point matching service developed for investors in the fragmented equity market, exceeded $100 billion in transactions in FY17, representing a 36% increase on the prior corresponding year.

Among the other agenda items, chair Rick Holliday-Smith told shareholders why the board is seeking to increase the cap for non-executive director remuneration from $2.8 million to $3 million.

This is to cater for the number of directors increasing from nine to 10; Melinda Conrad and Robert Priestley have been appointed to the board, while Dominic Stevens has moved into the chief executive role, he said.

Priestley was appointed a non-executive director in May and will join directors Damian Roche and Peter Warne standing for re-election.

In the 12 months to June, the ASX reported operating revenue of $764 million, up $18 million or 2.4%, while profit after tax rose by 2% to $434 million.

The ASX's share price was trading at $52.65 at publication time. A final dividend of 99.8 cents per share fully franked will be paid tomorrow.

Read more: ASXDLTCHESSDominic StevensCentre PointDamian RocheMelinda ConradPeter WarneRick Holliday-SmithRobert Priestley
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