ASX Selects TCS for Software Revamp after Initial Failure

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

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

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

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

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.