Share and unit registry software provider Registry Direct is well advanced in completing its CHESS replacement system integration program, with work on the system set to wrap up in line with ASX’s delivery timetable and under budget.

The work comes as the ASX nears the end of its own $250 million program to replace CHESS – the exchange’s ‘Clearing House Electronic Subregister System’ – with the new system slated to launch in April 2023.

The new system, formed in partnership with VMware and Digital Asset and as yet unnamed, is based on blockchain technology and will offer richer functionality and the adoption of global standards – creating new opportunities for the Australian market.

Registry Direct (ASX: RD1) chief executive Steuart Roe noted integrating with the upgraded CHESS system is vital to the company’s growth plans, and will enable the business to expand the number of listed entities on its books.

Mr Roe said the company was able to keep down costs and beat its own deadlines by taking a patient and measured approach to developing the necessary integration capabilities.

“Our strategy was to hold off on development for as long as possible so others could pave the way for us. This strategy has served us well and allowed us to leverage the work of others,” he said.  

“As a consequence, despite being one of the last firms to commence development, we are nearing the head of the pack as the ASX commences technical accreditation next month – a milestone all parties wishing to connect to the new CHESS platform need to pass.”

These changes come as Registry Direct prepares for a period of growth in its listed entity client base.

Mr Roe noted two businesses that have recently signed onto Registry Direct’s platform, Allup Silica and RLF AgTech.

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Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Registry Direct and will receive fees for its services

Sources

• Financial Review, Turning point for ASX’s $250m blockchain project
• ASX, About CHESS Replacement