FinClear, one of the largest participants in the settlement of listed equity trades, has built and switched on a new blockchain-based system to create real-time settlement for investors in private companies – using the same technology that ASX failed to make work in its embarrassing CHESS upgrade.

Less than a week since ASX was exposed for bungling a seven-year project to deploy blockchain to replace CHESS, FinClear said after two years of work, it has deployed software developed by Digital Asset – the same start-up ASX was using to create its alternative settlement system for public equities that has now been mothballed.