Australian stock exchange picks TCS to rebuild software after earlier flop
Synopsis
TCS will design and replace the Australian bourse operator’s trading, clearing and settlement system.
By Romita Majumdar, ETtech
Last Updated:
Tata Consultancy Services (TCS) has won a deal from the Australian Securities Exchange (ASX) to use TCS BaNCS for Market Infrastructure product, ASX said in a note. TCS will design and replace the Australian bourse operator’s trading, clearing and settlement system.
ASX said it would implement the new product-based platform in two main releases, with the clearing service to be delivered in a first release, and the settlement and sub-register services in a second release.
TCS is yet to respond to queries about the deal.
“We had clear objectives for our selection process. These included meeting current and future market needs and our license obligations, enabling a safe transition from the incumbent platform, minimising industry impacts where possible, and having the capability to provide interoperability and facilitate future innovation as driven by market demand,” said Helen Lofthouse, MD and CEO, ASX.
ASX had been looking to replace its aging all-in-one legacy CHESS software using blockchain-based system which was abandoned last year due to scalability issues.
Given the scale and complexity of the CHESS replacement project, ASX has also today entered into an agreement with Accenture to support ASX’s project delivery in the role of solution integrator.
Accenture will provide additional capability and capacity in technology project delivery and industry expertise. In August 2022, ASX commissioned Accenture to undertake an external review of aspects of the CHESS replacement project, focusing on a number of core issues which had been identified.
Following their review, Accenture made a number of recommendations, all of which ASX accepted.
ASX has previously stated it has prioritised technology modernisation, which includes CHESS replacement, as part of its five year strategy.
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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, ASX said. Elevate Your Tech Prowess with High-Value Skill Courses
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TCS is yet to respond to queries about the deal.
“We had clear objectives for our selection process. These included meeting current and future market needs and our license obligations, enabling a safe transition from the incumbent platform, minimising industry impacts where possible, and having the capability to provide interoperability and facilitate future innovation as driven by market demand,” said Helen Lofthouse, MD and CEO, ASX.
ASX had been looking to replace its aging all-in-one legacy CHESS software using blockchain-based system which was abandoned last year due to scalability issues.
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Given the scale and complexity of the CHESS replacement project, ASX has also today entered into an agreement with Accenture to support ASX’s project delivery in the role of solution integrator.
Accenture will provide additional capability and capacity in technology project delivery and industry expertise. In August 2022, ASX commissioned Accenture to undertake an external review of aspects of the CHESS replacement project, focusing on a number of core issues which had been identified.
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Following their review, Accenture made a number of recommendations, all of which ASX accepted.
ASX has previously stated it has prioritised technology modernisation, which includes CHESS replacement, as part of its five year strategy.
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