Australia's largest stock exchange ASX is "looking closely" at blockchain

     The Australian Securities Exchange (ASX) is reportedly considering whether to use blockchain technology to address trading risks.

    According to the Financial Times, ASX CEO Elmer Funke Kupper said in a recent interview that Australia’s largest exchange is considering blockchain applications as it explores how to improve its trading systems.

Funke Kupper told the publication:

     “We’re watching this very closely, and the timing is almost perfect. Wherever blockchain can play a big role, we’ll look at whether this is a way to transform our stock market.”

     Funke Kupper stressed that the ASX is in no rush to adopt the technology and will make a decision in six to seven months.

     The ASX CEO’s comments are consistent with those made earlier this year, when he told The Sydney Morning Herald that the exchange was weighing up whether to use blockchain technology to enhance its settlement and clearing systems.

     “We are looking for ways to be more efficient end-to-end and we have to have people look at blockchain very carefully to see if we can create benefits for our customers, investors and businesses,” Funke Kupper said at the time.

     Other exchanges have also spent considerable time and resources examining blockchain applications. Last month, Nasdaq launched its private market blockchain project Linq in Las Vegas, and earlier this year it made waves with its partnership with blockchain startup Chain.

     The London Stock Exchange (LSE) recently signed contracts with a number of teams, including CME Group and Société Générale, on a trade settlement blockchain initiative and is also a partner in an open-source blockchain project led by IBM and the Linux Foundation.