TCS to design Australian bourse operator’s trading software
The bourse operator said in a statement, "ASX considers that the chosen product will allow it to provide a reliable, supportable and scalable platform that meets the needs of the Australian market now and into the future."
- Nov 20, 2023,
- Updated Nov 20, 2023 9:55 AM IST
ASX Ltd, Australian bourse operator, said on Monday that it has partnered with Tata Consultancy Services (TCS) to create a product-based solution to replace its trading, clearing and settlement system.
The bourse operator said in a statement, "ASX considers that the chosen product will allow it to provide a reliable, supportable and scalable platform that meets the needs of the Australian market now and into the future."
The Australian bourse operator noted that it would implement the new platform in two main releases. The clearing service will be delivered in the first release. And the second release would include the settlement and sub-register services.
ASX CEO Helen Lofthouse noted, "This next phase of the project will be a multi-year undertaking and ASX will maintain our investment in the current CHESS platform to ensure it continues to operate efficiently and reliably until the replacement is implemented.”
ASX also highlighted that the estimated cost for the first release of the Clearing House Electronic Subregister System (CHESS) project is between A$105 million ($68.33 million) and A$125 million, to be incurred over multiple years.
The bourse operator added that the CHESS replacement project will move to the next phase of design and implementation, with further stakeholder consultation set to start in the first quarter of 2024.
It is worth noting that the exchange operator has come under scrutiny in recent times, with Australia passing laws to encourage competition in post-trade settlement and clearing for financial markets since ASX abandoned a costly-rebuild of its CHESS platform last year.
ASX had been looking to replace its legacy CHESS software using blockchain-based technology but abandoned the overhaul in November last year citing dysfunctional management, concerns about the product’s complexity and scalability, and difficulty finding experts to support it.
ASX Ltd, Australian bourse operator, said on Monday that it has partnered with Tata Consultancy Services (TCS) to create a product-based solution to replace its trading, clearing and settlement system.
The bourse operator said in a statement, "ASX considers that the chosen product will allow it to provide a reliable, supportable and scalable platform that meets the needs of the Australian market now and into the future."
The Australian bourse operator noted that it would implement the new platform in two main releases. The clearing service will be delivered in the first release. And the second release would include the settlement and sub-register services.
ASX CEO Helen Lofthouse noted, "This next phase of the project will be a multi-year undertaking and ASX will maintain our investment in the current CHESS platform to ensure it continues to operate efficiently and reliably until the replacement is implemented.”
ASX also highlighted that the estimated cost for the first release of the Clearing House Electronic Subregister System (CHESS) project is between A$105 million ($68.33 million) and A$125 million, to be incurred over multiple years.
The bourse operator added that the CHESS replacement project will move to the next phase of design and implementation, with further stakeholder consultation set to start in the first quarter of 2024.
It is worth noting that the exchange operator has come under scrutiny in recent times, with Australia passing laws to encourage competition in post-trade settlement and clearing for financial markets since ASX abandoned a costly-rebuild of its CHESS platform last year.
ASX had been looking to replace its legacy CHESS software using blockchain-based technology but abandoned the overhaul in November last year citing dysfunctional management, concerns about the product’s complexity and scalability, and difficulty finding experts to support it.