The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
JOIN US FOR A ONE-DAY DEEP DIVE INTO THE FUTURE OF THE INDUSTRIAL SECTOR
FIND OUT HOW THE INDUSTRIAL MARKET IS CHANGING IN 2026
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
OtherThu 31 May 18

ASX Invests in $200m Electronic Property Settlement Market

TUD+ MEMBER CONTENT
69774cad-dda2-44f9-85b9-c31b165e3404
SHARE
1
print
Print

The ASX is partnering with technology group Infotrack to enter the $200 million electronic property settlement market.

In a move that augurs major changes in the property settlement landscape, ASX Limited has announced they plan to invest alongside Infotrack – Australia’s largest provider of eConveyancing technology and services – to create an electronic property settlement service.

It is investing $30 million over three years into Sympli Australia which it will equally co-own with Australian Technology Innovators, the parent company of InfoTrack.

Sympli has applied to become an Electronic Lodgment Network Operator with the regulator, the Australian Registrars’ National Electronic Conveyancing Council.

"Entering the electronic property settlement market is a natural evolution for ASX,” ASX chief executive Dominic Stevens said in the exchange announcement.

“We already settle approximately $70 billion in transactions electronically every day and have been the central settlement venue for the Australian financial market for decades.”

Subject to regulatory approvals, Sympli is expected to be operating before the end of 2018.

Property Exchange Australia is currently the dominant player in the digital conveyancing sector, and is backed by four state governments and the big four banks.

Related reading: Non-Bank Lenders, Tech Start-Ups Gain Market Share in Development Lending

The ASX expects to invest $30 million in Sympli over the next two financial years.


New blockchain platform to enter service

For settlement of share trades the ASX is expecting to switch on the world’s first industrial-scale blockchain in financial services between September 2020 and March 2021.

The new technology will replace CHESS (Clearing House Electronic Subregister System) — which is the current platform for clearing, settlement and other post-trade services for Australian stocks.

The system will be tested to handle up to 10 million transactions per day. The ASX currently processes around 5.4 million transactions each day.

OtherIndustrialAustraliaTechnologyOther
ADVERTISEMENT
TOP STORIES
Multiplex Moderna facility
Exclusive

Industrial Subsectors Win Investor Attention as Demand Blossoms

Clare Burnett
7 Min
Bee Bricks hero
Exclusive

Beyond Green: The Rise of Net-Positive Architecture in Australia

Clare Burnett
7 Min
Exclusive

Central Element Hotel Debut Spearheads Oxford Street Renewal

Taryn Paris
8 Min
London skyline near the walkie talkie tower showing the 85 gracechurch street development.
Exclusive

Basilica to Business: London Office Tower’s Historic Rework

Renee McKeown
6 Min
Hotel Indigo Adelaide hero
Exclusive

Neighbourhood Hotels Reinvent Urban Hospitality

Clare Burnett
5 Min
View All >
Nambour CBD Rooming Accommodation DA hero
Affordable & Social Housing

‘Vertical Living’ Vision for Historic Sunshine Coast Town

Phil Bartsch
Leeka 188 Commercial Road Prahran HERO
Residential

Leeka Wins Nod for 32-Home Project at Prahran

Leon Della Bosca
Investa Approved Commercial 105-153 Miller Street North Sydney
Office

Investa Pursues Twin Strategy for North Sydney MLC Tower

Vanessa Croll
A $364-million office approval and a pending $354-million university plan offer two futures for Australia’s first curtai…
LATEST
Nambour CBD Rooming Accommodation DA hero
Affordable & Social Housing

‘Vertical Living’ Vision for Historic Sunshine Coast Town

Phil Bartsch
3 Min
Leeka 188 Commercial Road Prahran HERO
Residential

Leeka Wins Nod for 32-Home Project at Prahran

Leon Della Bosca
2 Min
Investa Approved Commercial 105-153 Miller Street North Sydney
Office

Investa Pursues Twin Strategy for North Sydney MLC Tower

Vanessa Croll
5 Min
Development

Rare Newcastle Wharf Project Now Accepting EOIs

Partner Content
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/asx-invests-in-200m-electronic-property-settlement-market-