202203 Aug

Australian stock exchange operator delays software overhaul by 20 months

Summary

Australian bourse operator ASX Ltd said Elmer Funke Kupper, its chief executive officer, has quit to focus on unspecified potential investigations relating to his former role as head of gambling company Tabcorp Holdings Ltd. REUTERS/David Gray Aug 3 (Reuters) - The Australian Securities Exchange (ASX.AX) said on Wednesday it would delay an overhaul of its main share trading software by up to 20 months, citing problems achieving "scalability and resilience". The delay until late-2024, among several, takes it to nearly a decade of ASX Ltds project to modernise its equities clearance software Clearing House Electronic Subregister System (CHESS). The CHESS software enables ASXs registry to manage settlement of transactions, and the exchange has strived since 2017 to replace with blockchain technology in a bid to cut costs for customers. In a joint statement, the Reserve Bank of Australia Governor Philip Lowe and the Australian Securities and Investments Commission (ASIC) Chair Joseph Longo expressed their disappointment on the further delay. "It is critical that Accenture now undertake this review to provide assurance on the delivery of a resilient replacement for CHESS and a high degree of confidence in a revised go-live date," Longo said.

Source: Reuters

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