Accenture stated in its 47-page study that business workflows are “not adapted for a distributed environment,” that
the DLT-based system was too complex, and the completion schedule was unknown even though the application software was over 60% complete.
Damian Roche, the chairman of ASX, apologized for the problem and said, “There are major technology, governance, and delivery problems that need to be fixed.”
Helen Lofthouse, ASX’s Managing Director, and CEO said, “It’s clear we need to rethink the solution design.” She also said, “We have some work to do before updating and consulting with stakeholders more deeply.”
The Reserve Bank of Australia (RBA), the country’s central bank, and the Australian Securities and Investments Commission (ASIC), which oversees the country’s financial markets, said the announcement was bad news. They said this in a joint statement.
Philip Lowe, governor of the Reserve Bank of Australia, said that the ASX announcement was “very disappointing.” Joe Longo, chair of the Australian Securities and Investments Commission, said that the ASX had “failed to demonstrate appropriate control of the program to date,” which made it less likely that the ASX could build a world-class, modern financial market infrastructure.
The two groups talked about what they wanted, saying that the CHESS replacement had to be up and running before the current system stopped meeting requirements and that it had to ensure “market and service continuity.”
The ASX must also “uplift its capabilities” and fix “the serious deficiencies identified by the independent report.” The first step in doing this is to make a plan for fixing these problems.
According to the ASX, the project had a pre-tax charge of between $245 million and 255 million Australian dollars.
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