{"id":511201,"date":"2022-11-17T08:04:19","date_gmt":"2022-11-17T05:04:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/aussie-stock-exchange-abandons-blockchain-plans-leaving-170m-hole\/"},"modified":"2022-11-17T08:04:19","modified_gmt":"2022-11-17T05:04:19","slug":"aussie-stock-exchange-abandons-blockchain-plans-leaving-170m-hole","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/aussie-stock-exchange-abandons-blockchain-plans-leaving-170m-hole\/","title":{"rendered":"# Aussie stock exchange abandons blockchain plans, leaving $170M hole"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a3c5a2436\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a3c5a2436\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/aussie-stock-exchange-abandons-blockchain-plans-leaving-170m-hole\/#%E2%80%9D_Aussie_stock_exchange_abandons_blockchain_plans_leaving_170M_hole_%E2%80%9C\" >&#8221; Aussie stock exchange abandons blockchain plans, leaving $170M hole &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Aussie_stock_exchange_abandons_blockchain_plans_leaving_170M_hole_%E2%80%9C\"><\/span>&#8221; Aussie stock exchange abandons blockchain plans, leaving $170M hole &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNjcwMzMxM2QtODhlYi00MDU5LTg4ODEtNDZhMWQxMTBhM2I3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-887bb764>The long-anticipated plans by the Australian Securities Exchange (ASX) to use blockchain to bring its clearing and settlements system into the 21st century have just been canceled.<\/p>\n<p>In a Nov. 17 statement, ASX announced it had paused all current activities of its \u201cCHESS replacement project\u201d following an independent review from <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> consulting firm Accenture, which identified \u201csignificant challenges with the solution design and its ability to meet ASX\u2019s requirements,\u201d stating: <\/p>\n<blockquote><p>\u201cCurrent activities on the project have been paused while ASX revisits the solution design.\u201d<\/p><\/blockquote>\n<p>For the last five years, ASX had been working on a Distributed Ledger Technology (DLT) solution that would replace its 25-year-old Clearing House Electronic Subregister System (CHESS) used to record shareholdings and manage transaction settlements.<\/p>\n<p>Originally the system was slated for a 2020 launch, but the project was marred by multiple delays over the years with the ASX saying it needed more time for testing, had uncertainty around COVID-19, needed more time for development, capacity overhauls, and even more testing before it went live.<\/p>\n<p>Amongst findings in its 47-page report, Accenture said that business workflows are \u201cnot tailored for a distributed environment\u201d, the DLT-based system was too complex, and the completion timeline was uncertain regardless of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication software being over 60% complete.<\/p>\n<p>ASX chairman Damian Roche apologized for the disruption, adding \u201cthere are significant technology, governance, and delivery challenges that must be addressed.\u201d <\/p>\n<p>Helen Lofthouse, ASX Managing Director and CEO said \u201cit\u2019s clear we need to revisit the solution design\u201d adding \u201cwe have some work to do before updating and consulting with stakeholders more deeply.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Rivals steadfast even as two Aussie crypto ETF providers bail<\/em><\/strong><\/p>\n<p>Thee announcement has drawn criticism from the Australian Securities Investment Commission (ASIC) and the Reserve Bank of Australia (RBA) \u2014 respectively the country\u2019s financial market regulator and central bank \u2014 which <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/asic.gov.au\/about-asic\/news-centre\/find-a-media-release\/2022-releases\/22-320mr-asic-rba-joint-statement-on-asx-chess-replacement-program\/\">released<\/a> a joint statement on the matter. <\/p>\n<p>RBA Governor Philip Lowe called the ASX announcement \u201cvery disappointing\u201d and ASIC chair Joe Longo said the ASX \u201cfailed to demonstrate appropriate control of the program to date, and this has undermined legitimate expectations that the ASX can deliver a world-class, contemporary financial market infrastructure.\u201d<\/p>\n<p>The two organizations highlighted their expectations saying the CHESS replacement must be live before the current system no longer meets requirements and that \u201cmarket and service continuity be secured\u201d by the current system.<\/p>\n<p>The ASX must also \u201cuplift its capabilities\u201d and address \u201cthe serious deficiencies identified by the independent report\u201d starting by creating a plan to address them.<\/p>\n<p>The ASX said the project had racked up a pre-tax charge of between $164.6 million and $171.3 million ($245 to 255 million Australian dollars).<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/aussie-stock-exchange-abandons-blockchain-plans-leaving-170m-hole\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Aussie stock exchange abandons blockchain plans, leaving $170M hole &#8220; The long-anticipated plans by the Australian Securities Exchange (ASX) to use blockchain to bring its clearing and settlements system into the 21st century have just been canceled. In a Nov. 17 statement, ASX announced it had paused all current activities of its \u201cCHESS replacement&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNjcwMzMxM2QtODhlYi00MDU5LTg4ODEtNDZhMWQxMTBhM2I3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75554,75917,88323,20358,117],"class_list":["post-511201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-dlt","tag-exchanges","tag-financial-systems","tag-australia","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511201"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511202"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}