Australian stock exchange picks India’s TCS to rebuild software after earlier blockchain flop
Summary
SYDNEY – Australian stock exchange operator ASX says it has hired Tata Consultancy Services (TCS) 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 in 2022. It also represents a more cautious approach: ASX will switch to the new software in stages, rather than the “big bang” changeover that its users considered risky. TCS has “a mature product and technology” that it uses 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,” Mr Longo added.