Sui & Greek Stock Exchange

The first ever fully on-chain order book at a national stock exchange

Athens Stock Exchange Adopts Sui Blockchain: Learning from Australia's Blockchain Setback

Athens, Greece – April 16, 2025 – Following their initial partnership announcement on March 6th 2025, Athens Exchange Group (ATHEX) and Mysten Labs have announced the successful completion of the technical design and business requirements for upgrading ATHEX’s Electronic Book Building (EBB) platform to leverage Sui, the Layer 1 smart contract platform.

In a pioneering move, the Athens Exchange Group (ATHEX) has selected the Sui blockchain platform to enhance its Electronic Book Building (EBB) system. The decision marks a significant step in integrating blockchain technology into traditional financial markets. The initiative aims to modernise capital raising processes, offering increased efficiency, transparency, and security. ATHEX's approach contrasts with the Australian Securities Exchange's (ASX) previous blockchain venture, which faced challenges and was eventually abandoned.

ATHEX's Blockchain Integration

The collaboration between ATHEX and Mysten Labs, the developers behind Sui, focuses on upgrading the EBB system—a tool facilitating the issuance of securities like stocks and bonds. By leveraging Sui's Layer 1 smart contract capabilities, the upgraded EBB system aims to streamline the fundraising process, reduce costs, and enhance data integrity. The integration of zero-knowledge proofs is also planned to bolster privacy and compliance standards .

Learning from ASX's Experience

The ASX's attempt to replace its CHESS system with a blockchain-based solution, developed in partnership with Digital Asset, encountered several hurdles. Issues such as scalability concerns, integration complexities, and performance benchmarks led to the project's suspension in 2022 . Subsequently, ASX faced legal actions from Australia's corporate regulator for allegedly misleading stakeholders about the project's progress .

These challenges underscored the importance of thorough planning, realistic timelines, and transparent communication when implementing blockchain solutions in critical financial infrastructure.

ATHEX's Strategic Approach

Possibly drawing lessons from ASX's experience, ATHEX has adopted a cautious and methodical approach. The collaboration with Mysten Labs emphasizes comprehensive technical design and business requirements before full-scale implementation. By focusing on enhancing the existing EBB system rather than overhauling core infrastructure, ATHEX aims to mitigate risks associated with large-scale blockchain integrations.

Implications for Global Financial Markets

ATHEX's initiative positions Greece at the forefront of blockchain adoption in traditional finance. If successful, it could serve as a model for other national exchanges considering similar integrations. The project's emphasis on privacy, efficiency, and compliance aligns with broader trends in financial technology, where blockchain is increasingly seen as a tool to enhance operational transparency and security.

For further information, please refer to the official announcements and technical documentation provided by the Athens Exchange Group and Mysten Labs.

Sources: ATHEX Group, April 16, 2025; henricodolfing ASX CHESS Blunder, Jan 6, 2025