It is 10 years since the ASX board of directors gave its approval to replace the CHESS clearing and settlement system with a distributed ledger technology (DLT) platform that would have put Australia’s equity capital markets operator at the forefront of innovation.

The board was persuaded by then CEO Elmer Funke Kupper’s argument that DLT would boost the ASX’s already world-leading profitability, allow the market to move to real-time settlement, and rip billions of dollars in costs out of the hands of intermediaries clipping the ticket including brokers, registries and custodians.

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