FILE PHOTO: A board displaying stock prices is seen at the Australian Securities Exchange (ASX) in Sydney, Australia, February 9, 2018. REUTERS/David Gray/ FIle Photo
(Reuters) - Australian bourse operator ASX said on Tuesday it is targeting to implement the second phase of its clearing and settlement software overhaul by 2029, with projected costs ranging between A$270 million ($175.61 million) and A$320 million.
Last year, ASX had hired Tata Consultancy Services to overhaul its aging all-in-one Clearing House Electronic Subregister System (CHESS) software, opting for a route that would require less customisation after ditching a much-criticised blockchain-based effort.
ASX is set to implement the new product-based platform in two main releases, with the clearing service to be delivered in the first release and the settlement and sub-register services in the second release.
The stock exchange operator said the 2029 timeline for the second phase was decided after "extensive industry consultation" and will allow time for readiness activities.
It added that it is continuing to work towards the delivery of the first release in 2026, with costs currently expected to be at the upper end of the previously estimated A$105 million to A$125 million range.
($1 = 1.5375 Australian dollars)
(Reporting by Himanshi Akhand in Bengaluru; Editing by Mohammed Safi Shamsi)
