@n00bmasta
26/05/20
19:04
1.
Know Your Customer (KYC) and Know Your Customer’s Customer(KYCC) platform which will be very useful in the current Bank climate in which Banks -NAB, WBC, CBA -processes have been found deficient in their Anti Money Laundering (AML), counter terrorism funding (CTF) and child exploitation funding (CEF) detection.a.ISX currently has at its core the ISXPay Identity platform which delivers aKnow Your Customer (KYC) and Know Your Customer’s Customer (KYCC) platform with global reach and provides a full range of gateway, risk management, risk-avoidance and facilitates end-to-end on-boarding of customers. This platform is being used across Europe and Australia now.
b.ASX is currently in a joint venture with Bloxian Technology to develop Know Your Customer (KYC) and Know Your Customers’Customer (KYCC) for the banking community (due mid-2020).See https://www.copyright link/companies/financial-services/explained-how-asx-s-blockchain-will-change-finance-20191025-p534by
2.Equities settlement process: According to the REVIEW OF SETTLEMENT PRACTICES FOR AUSTRALIANEQUITIES, May 2008, “Settlement of most equities transactions in Australia occurs in a single daily batch process run by the Clearing House Electronic Sub-register System (CHESS), which is owned and operated by ASX.” This batch process, which typically settles at around noon...”This system currently takes three days to settle a trade. Additionally, the report states that an option is to “move to a system in which settlement occurs on a trade-by-trade basis. The Bank’s view is that this type of settlement arrangement represents the first-best outcome from a pure risk-control perspective and that there is a strong case for moving to such a system over the medium term.
a.ISX is currently developing clearPay - an advanced trade-by-trade tier-1 Delivery vs. Payment (DvP) system using distributed ledger technology (DLT).This system will incorporate multi-currency settlement and will provide an alternative to the ASX Austraclear monopoly.
b.The ASX currently offers Austraclear, which as stated above is a batch processing application generally done around mid-day.ASX new CHESS, due to be released in 2021, will have trade-by-trade processing based on the ASX blockchain technology.
3.Stock Exchanges
a.ASX holds a licence to operate the Australian Stock Exchange
b. ISX recently bought into the NSX on 20 February 2020.ISX currently owns a 12.96% stake in NSX and providing shareholders give approval to raise an additional $3.8-$5.8 million, ISX has an option to subscribe for an additional allocation, for up to a 10.9% final stake in NSX.NSX is in the joint venture to develop ClearPay and will use this application when it is complete.
