The market finds solutions while waiting for the replacement of ASX CHESS

“The issuer benefits, getting votes up to 14 days earlier than they were, compared to just 26 hours earlier, and they can see who is voting behind these big accounts,” Little said.

“Issuers and investors can communicate more effectively through the value chain they use.”

The platform already operates in 22 markets and is working with the world’s largest global custodians, who can use the same technology to solve similar problems in the markets where they operate. Proxymity has offices in London, Manchester and now Melbourne, with tech staff in Europe and Israel, according to Little.

Backed by BNY Mellon, Citi, Computershare, Deutsche Bank, Deutsche Börse, HSBC, JP Morgan, State Street and most recently BNP Paribas, Proxymity is already used by 600 issuers connected through Computershare in Australia.

Little said the Proxymity solution could sit alongside ASX’s planned CHESS replacement project if and when it is built.

“It can be alongside that, absolutely, but if the market has already solved the problem to bring the solutions to market now, why change it?” he said.

In March, market participants called for a cut-off date for ASX to be imposed or for a scaled-down “plan B” option to be developed, involving “out-of-the-box” technology.

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