Australian stock exchange operator delays software overhaul by 20 months

The Australian Securities Exchange said on Wednesday it would delay an overhaul of its main share trading software by up to 20 months, citing problems achieving “scalability and resilience”.
The delay until late-2024, among several, takes it to nearly a decade of ASX Ltd’s project to modernise its equities clearance software Clearing House Electronic Subregister System (Chess).
The CHESS software enables ASX’s registry to manage settlement of transactions, and the exchange has strived since 2017 to replace with blockchain technology in a bid to cut costs for customers.