Sydney Stock Exchange Building New Blockchain Trading System

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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.”

 

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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