Australian stock exchange picks Indias TCS to rebuild software after earlier flop
Summary
[1/2] A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. REUTERS/David Gray/File Photo Acquire Licensing Rights Nov 20 (Reuters) - Australian stock exchange operator ASX (ASX.AX) said it had hired Tata Consultancy Services (TCS) (TCS.NS) to overhaul its clearing and settlement software, opting for a route that will take less customisation after ditching a much-criticised blockchain-based effort. The choice is a major departure from its decision in 2017, announced with much fanfare, to be at the vanguard of adopting blockchain-like technology for use in critical financial architecture, an attempt that resulted in repeated delays before it was shelved last year. "They have a mature product and technology that they use to support quite a lot of customers," ASX Chief Information Officer Tim Whiteley said on a call with analysts and media. "It will be critical for ASX to now focus on engaging with the market on the detailed design of the CHESS Replacement program with a realistic and achievable timeline for implementation," Longo added.