It's not about CHESS - Part 6 | Conflicted
https://finclear.com.au/
In this special series 'It's not about CHESS', FinClear CEO David Ferrall gives his insights on Australia’s unique market microstructure that will enable rapid uptake of digitised securities, which is a direct result of ASX’s decision almost 30 years ago to promote direct ownership of listed securities via the Holder Identification Number (HIN).
So are we conflicted in this debate? Hell yes!
Our business is built on providing a direct/HIN platform alternative to custodial platforms although it is also increasingly being used by some of these platforms that realise the benefits of non-custodial or directly held (HIN) securities.
We like to call ourselves the platform for platforms.
We could have built another custodial solution but chose not to. This would have ignored the inevitable shift globally to direct/tokenised securities and a capability that has existed in Australia since 1996.
So to the ASX, I say be very proud of how you have led innovation and continue to lead innovation in financial markets - stay firm and deliver a new capability and efficiencies that will ultimately transform all global markets.
And to the naysayers I say, stop protecting your own narrow interests and look to the future. Stop trying to protect your own revenue lines and think more about how you can use this technology to expand and develop adjacent and new business lines.
There is a USD$250+ trillion addressable market opportunity out there for those willing to have a go!