Peter Hiom, the Deputy CEO of the Australian Securities Exchange (ASX), is leaving on July 1. He will join investment firm Motive Partners to focus on fintech and blockchain.

Hiom led the effort to replace the ASX CHESS settlement system with distributed ledger technology (DLT), which is slated to become online in April 2023.

When the ASX opted to replace CHESS with blockchain in 2016, it was ahead of the curve. It teamed with Digital Asset, a firm led by Blythe Masters, a former JP Morgan executive who is now a partner at Hiom’s new employer, Motive Partners. MOTV’s CEO is also Masters.

In December 2020, U created a particular acquisition vehicle (SPAC) with $414 million to invest in the fintech sector.

According to the stock exchange, Tim Hogben will continue to be responsible for the implementation and oversight of ASX’s CHESS replacement.

Since the beginning, he has been with the project and took over day-to-day management in October 2020, when it entered the delivery phase.

“ASX has a long history of financial market innovation, and it has been a delight to be a part of it,” Hiom added. “Global financial markets are experiencing exciting times, and I am looking forward to continuing to shape the industry’s future.”

It’s fair to argue that the ASX has progressed along a learning curve, not just in terms of technology but also in governance and how incumbents respond to change.

Although the ASX solution is not disruptive in certain aspects, it does eliminate inefficiencies, which some organizations earn a living off of. This is especially true of shareholder registrars.

Computershare and others have raised concerns before the competition authorities on several occasions.