The blockchain-based CHESS replacement project, the ASX is experimenting with artificial intelligence and machine learning, but it’s cautious of letting the tech run wild in such a sensitive market.
While the Australian Securities Exchange (ASX) makes a global name for itself by implementing one of the real use cases for distributed ledger technology (DLT) in its blockchain-based CHESS replacement project. The organization is looking into the application of artificial intelligence (AI) and machine learning (ML), highlighting that in the ASX’s context, there are a lot of examples where machines are making quite clever decisions.
It has settled on the idea that if it is a decision that should be made by a human, it probably should be made by a human, but it can still use technology to help.
They are thinking about augmented intelligence replacing a human, particularly in areas where we need to be able to explain our decision or there’s gravity associated with the decision.
The ASX is also investing heavily in infrastructure. It’s building a secondary data centre, refreshing its network, and upgrading its website. ASX sees itself accelerating the investment into replacing aged assets and contemporizing technology from the ground up, not necessarily just application replacement.
Expanding on the ASX’s data analytics platform DataSphere, Chesterman said the exchange is essentially creating a data lake with a set of analytic tools attached to it.
Some ASX data will be ingested some of which have not been previously distributed in the form of market data feeds or other items, and then also third parties can then ingest their data in with very robust data governance technologies and contracts.
The DataSphere initiative has been using it internally for a couple of months, in October it will start to ingest the first third party data elements to it and make analytics products available to the market as well.