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Christopher Niesche: What went wrong with the ASX’s technology upgrade?
Technology

Christopher Niesche: What went wrong with the ASX’s technology upgrade?

The ASX has scrapped its technology upgrade more than five years after it embarked on the upgrade. Photo / NZMEOPINION: In 2020, I went along to the Australian stock exchange (ASX) for a private briefing about its plans to update its core trading systems. The idea was for the ASX to brief me on the project and get back to me when the new technology was ready to go live later that year, at which point I would write a story on it. I’m still waiting to hear back. A magazine editor had asked me to write a story on the ASX’s plans to develop a blockchain clearing and settlement system that facilitates the exchange of money and stocks between buyers and sellers.The ASX wasn’t ready to talk about the project to replace its aging CHESS system publicly, but was happy to...