‘Deeply frustrating’: Key ASX tech project suffers another setback | clancyyeates
A further delay to the ASX’s long-running project to replace critical infrastructure has sparked frustration among stockbrokers, after the market operator said it did not expect the new system to go live before late 2024.
After flagging delays in May, the ASX on Wednesday said it was unlikely the upgrade would be completed before late 2024 because more work than previously expected would be needed to meet the exchange’s “scalability and resilience requirements.“in June, is bringing in consultancy Accenture to complete an independent review of the new technology, and to identify what needs to be done for the ASX to release a revised timetable for the project.
“It is very disappointing that there is a further delay to the CHESS Replacement Project,” Longo said. “It is important that the Australian financial system is served well by contemporary infrastructure that is efficient, resilient, reliable and scalable to meet existing and future needs of the market and participants.”
They agreed the CHESS infrastructure needed to be replaced, citing rising trading volumes, and they said they expected the ASX would stick with the overhaul plan.
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