After a series of delays, the Australian Stock Exchange ASX has hit pause on a protracted project to replace its Clearing House Electronic Subregister System Chess with a new clearing and settlement infrastructure, based on blockchain technology.
ASX will write off between AU$245-255 million $163-$170 million spent on the project, which it initiated in 2017. The decision follows an independent review of the project by Accenture, which found “challenges in achieving scalability, resiliency, and supportability” and called for “significant changes to the design and implementation.”
In a statement, ASX chairman, Damian Roche, thanked customers and stakeholders for their patience and said the decision had “not...
¬ Haymarket Media Limited. All rights reserved.
