The Australian Securities Exchange (ASX) is planning to lay off almost 200 contractors who were working on integrating blockchain technology into its CHESS clearing and settlement system.
The announcement comes after ASX said earlier this month that it was ending a seven-year project that had cost it $170 million before taxes. The ASX CHESS (Clearing House Electronic Subregister System) has been in use for almost 25 years. It handles daily trading worth $3.19 billion, and it is in charge of settling share transactions and keeping track of who owns what shares.
The goal of the blockchain upgrade was to give issuers and end investors “more control over and more trust in” the exchange’s market operations, as well as better access to the register of holders for those issuing securities.
Consultant Accenture did an independent audit of the project and found that it had a lot of problems, such as latency and technical limits around its API, as well as problems “reaching scalability, robustness, and supportability.”
The blockchain project, which started in 2017, has been plagued by delays, and its completion date was recently moved out to late 2024.
Even though the decision would have affected most of the outside staff working on the project, ASX told Reuters that it has kept some of the third-party contractors working on the project. Some of these people will work on a formal review of the project or move to other jobs at the company.
At its peak, 300 people were working on the project, and about 75% of them were self-employed. Even though trying to redesign the CHESS system has been hard, an ASX spokeswoman said in a statement that the current CHESS infrastructure “remains safe, stable, and works well.”Â
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