The $125 million replacement for an ageing piece of key financial infrastructure used by Australia's stock market has performed smoothly, in a vindication of a tough call by the bourse's departing chief executive.
When Helen Lofthouse became boss of ASX Limited in 2022, the market operator had sunk five years and $250 million into plans to replace its 25-year-old CHESS clearing and settlement system with a distributed ledger, the same technology used by cryptocurrencies such as bitcoin and ethereum.
