Australian bourse picks TCS & Accenture to rebuild software

Australian stock exchange operator, ASX signed a strategic partnership with Tata Consultancy Services (TCS) and Accenture to overhaul its trading, clearing, and settlement system, marking a significant departure from its previous high-profile attempt at implementing blockchain technology, which eventually failed and resulted in a loss of about $250 million.

The estimated cost for the first release (clearing) of the project is between $105 and $125 million, to be incurred over multiple years. With this partnership, ASX will replace its aging clearing house electronic subregister system (CHESS).