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National Stock Exchange of Australia to develop DLT-based digital securities trading platform

Thu, 20 Feb 2020, 11:51 am UTC

NSX Ltd., the owner and operator of National Stock Exchange of Australia, has teamed up with financial institution iSignthis (ISX) to form a joint venture to launch a digital securities trading platform.

Called ClearPay, the joint venture vehicle will launch a distributed ledger technology (DLT)-based platform that will provide real-time, same day, delivery versus payment (DVP) settlement, CoinDesk reported. The platform will be integrated with ISX’s ISXPay(R) and Paydentity(TM).

With this project, the companies aim to compete with the ASX, which has been working to replace its Clearing House Electronic Subregister System (CHESS) with a blockchain-based system.

“We are excited to be working together with NSX to develop a platform that will significantly increase NSXA's attractiveness to the broking and investment banking community, as well as private organisations that intend to go public via IPO. With this investment and iSignthis' technology platforms, we have the capability to develop an Australian version of Nasdaq, and become a competitive alternative to the ASX,” ISX Managing Director and CEO John Karantzis said.

According to a press release, ISX has made a 12.96% strategic investment in NSX via a $4.2 million placement at $0.145 per share. NSX said that it will seek shareholder approval to raise an additional $3.8-$5.8 million of which ISX has the option to subscribe for an additional allocation, for up to a 19.9% final stake in NSX.

“The NSX can now focus on adding the goal of becoming Australia's first true digital asset exchange to its existing business activities. NSX and ISX are working on a platform that will support NSXA's transformation to a globally competitive stock exchange,” the release said.

The companies expect ClearPay to launch by early 2021 and hope that the domestic and global broker network to connect using the electronic data interchange standard ISO20022 and participate through an industry-standard blockchain. The platform would be accessible to participants and share registry operators, with the NSXA as the central authority.

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