The exchange operator (ASX) has picked a replacement for CHESS.

Recall that this project has dragged on, with the prior 7 years wasted with blockchain endeavors that didn’t succeed.

In the above, they’ve gone to lengths to highlight “stakeholders engagement”. This is advisable, if for no other reason than brand management, given they’ve been repeatedly raked over the coals in the press by end users over a lack of consultation.

They are also sticking to the below guided costs, thus far. Deep in our hearts, we know these estimates could well change over in time, and so, whilst it is a positive that estimates are unchanged for now, we nonetheless don’t put tremendous stock in them.

It will be much more valuable for the ASX to complete the thing, almost at any cost, just to be rid of the legal/regulatory overhang (i.e. the risk to their license to operate, is greater, in our view, than how closely they stick to the above).

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