Sydney Stock Exchange Building New Blockchain Trading System

114

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group

Share with:


Australian newspaper the Sydney Morning Herald, has reported that the Sydney Stock Exchange (SSX) is developing a private equity market solution using Blockchain technology that will initially look to facilitate the trade of private stocks, but will eventually open the system up to publicly traded stocks. 

built with the help of consultants Bit Trade Labs, they hope to complete the system in early 2018 and SSX hopes to sell versions of its system to small commodities exchanges, many of which have settlement times of up to a month. SSX settlements will be virtually instantaneous.

From the Herald:

“We will start with a private secondary equity market for venture capital and crowdfunded startups to register on our exchange,” said SSX’s chief consultant on the project, Loretta Joseph.

She said SSX had been working on the project for a year but claimed the government’s move to open competition in clearing and settlement encouraged them to do it.

“We will then move to a public secondary market. VC and crowdfunding are private little markets. It will give them another market that they can come to.”

 

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group
SHARE
Previous articleString Labs Makes Available Grants for Open Chain Finance projects on Ethereum
Next articleChinese Insurance Behemoth Ping An Joins Blockchain Consortium R3
Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.