ASX Selects TCS for Software Revamp after Initial Failure

ASX selects TCS to overhaul clearing and settlement software, abandoning a previous blockchain-based effort.

[{"selector":"#anim-2496e08f-56f7-4dbc-b95d-439faf21ff43","keyframes":{"transform":["translate3d(-117.79935%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ce0ffcc8-3b1d-4a7b-a9c3-fdeccafd2284","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4a6713c8-7de0-43dd-914f-2b0e037f3f2a","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

ASX opts for a phased implementation instead of a risky "big bang" changeover, with the overhaul expected to conclude in 2029.

[{"selector":"#anim-09bd06ec-c1ce-4977-8963-5ddac4faa8de","keyframes":{"transform":["translate3d(-115.53399%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bedbb3b9-d953-4366-9ab7-94b6f28e6c16","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b495cc3a-6314-4b77-aad5-b0b93ce4e5f0","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The failure of ASX's blockchain project led to a A$176.3 million writedown, eroding market trust and prompting an ASIC investigation.

[{"selector":"#anim-2e5075e9-a59e-49a7-a46c-402363a1d1d1","keyframes":{"transform":["translate3d(-115.87301%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-046aff53-c3d1-498b-94a3-f98f7296c7d1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-857a3cef-05a7-4c2b-a59e-ab92acae9032","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

ASX shares rise 1.7%, but analysts express positive sentiments tempered by concerns over the extended implementation timeframe and cost uncertainties.

[{"selector":"#anim-fd4ef9d5-53a8-4354-a334-a208f4a8403a","keyframes":{"transform":["translate3d(-116.50165%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2e5f1c82-e0bf-40e5-b9a4-50dcde52a0c6","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6cadb445-5f31-4479-ac3a-4551f087e39d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Clearing software delivery expected by 2026, with an estimated cost of A$105-125 million; settlement and other software details to be determined in 2024.

[{"selector":"#anim-c202b60d-1923-4475-a6f1-5ae43ce04cc5","keyframes":{"transform":["translate3d(-115.87301%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-74be5b25-5e5d-4947-9aa2-4b5f7986e248","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f796428e-2a03-479a-90da-cc8d9fa37295","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]