- Accenture review triggers pause in ASX DLT CHESS project
- ASX to write off investment of A$250m ($169m)
- ASX appoints a new project director
- Regulators express displeasure
Following a review by Accenture, the Australian Securities Exchange (ASX) has paused its DLT-based replacement project for its CHESS settlement platform, which started in 2016. In August, a further delay in the project was announced after ASX and technology provider Digital Asset identified scalability and resiliency issues in certain parts of the project.
As a result of the Accenture review, the stock exchange is writing off its entire capital investment in the CHESS replacement project, which it estimates a A$245m – $255m ($169 million) pre-tax.
ASX has also appointed a new Project Director, Tim Whiteley. Bringing in a new leader seems understandable from a management point of view, but technical projects demand continuity. Hence, this, combined with some of Accenture’s findings and the financial write-off, means there’s only a slim chance of the project’s survival in close to its current form.
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