Australia’s exchange operator sets up programme for trading software replacement
AUSTRALIAN bourse operator ASX said on Thursday it was setting aside up to A$70 million (S$64.5 million) for a programme to accelerate its software replacement project that was halted in November.
ASX, which appointed a new chief executive officer last August, said it was targeting a revised solution design for the replacement of its Clearing House Electronic Subregister System (CHESS) software by December 2023.
Providing rebates to participants for their clearing and settlement fees, and giving incentive payments to eligible stakeholders building the platform make up the two components of the programme, ASX said.
In December, Australia’s corporate regulator and the central bank launched a coordinated action against ASX, ordering it to submit a robust response plan while ensuring the stability of its trading system.
ASX’s three-decade-old trading platform was in need of an upgrade after many incidents of glitches, including one in March last year that disrupted trading in futures and options markets. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
South Korea’s March factory output falls most in 15 months
Deflation reaches UK stores as non-food prices fall 0.6%
Japan’s March factory output rises 3.8% vs month earlier
Hong Kong vies with US in Bitcoin ETF market after crypto’s revival
More UK companies plan price rises but wage expectations cool: Lloyds
Campaigning EU chief von der Leyen defends record during debate