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The operator of the Australian stock exchange delays software upgrading by twenty months

Charlie Brooks

Aug 03, 2022 11:02

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The Australian Securities Exchange stated on Wednesday that it will delay the redesign of its major share trading platform by up to twenty months, citing problems in achieving "scalability and resilience."


Clearing House Electronic Subregister System, ASX Ltd's plan to upgrade its equities clearing software, will not be finished until late 2024, the latest of numerous delays (CHESS).


The CHESS application enables the ASX registry to settle transactions. Since 2017, the exchange has sought to replace CHESS with blockchain technology in an effort to lower customer fees.


ASX, which has had a series of software failures, has announced that it would retain Accenture (NYSE:ACN) to perform an independent examination of the new CHESS program.


The exchange operator and its application software provider, Digital Asset, recognized that the program required more development than anticipated.


In a joint statement, Philip Lowe, Governor of the Reserve Bank of Australia, and Joseph Longo, Chairman of the Australian Securities and Investments Commission (ASIC), expressed their concern.


Lowe said that the ASX-initiated research was "crucial" for providing assurance that the new CHESS application software would be adequate for its intended function.


Longo added, "It is imperative that Accenture complete this study in order to provide assurance on the delivery of a solid replacement for CHESS and a high degree of confidence regarding the amended go-live date."

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