One thing we can be sure of is that the Board of #ASX never learns! #ASX has just released the results of a consultation on the future of the benighted #ASX Chess Replacement project. Basically, #ASX has learned half a lesson. After fixating on a single Big Bang implementation for Chess Replacement I (CPI) it has been decided that Chess Replacement II (CPII) would be staged (really a no-brainer but at least a small step forward) #ASX has decided that CPII will be broken up into 2 Releases, named Release 1 and Release 2 Or rather CPII will be broken up into CPII- the Easy Bit and CPII- the Hard Bit While the Easy Bit is not that easy, involving a relatively stand alone Clearing Bit, the Hard Bit is "All the really difficult stuff that we could not get right last time out" . Let's just kick the problem into the long grass (sub text when we wont be here!) Some who were really hurt last time out, at least registered some scepticism "Several CS Participants, Software Providers and industry bodies noted the substantial scope of Release 2 and associated implementation risk, particularly relative to Release 1. Some respondents suggested splitting Release 2 into multiple releases or smaller sub-stages to further de-risk implementation of the second release." What was #ASX response? "Given the strong support for a staged implementation by the majority of respondents, ASX intends to proceed with its overarching approach to implementing CHESS replacement across two main releases." (Did you get the non-sequitur there?] Precisely the same sod-you attitude that prevailed during the first Chess Replacement fiasco, it appears that #ASX and, in particular the Board, has learned absolutely nothing about technology risk management over the last decade! The second 'main release' is 80%-90% of the effort that killed CPI and is a monster that should in the preference of the industry be split " into multiple releases or smaller sub-stages to further de-risk implementation of the second release". But where is #RBA and #ASIC in all of this, they were meant to be the grown-ups - MIIA , Missing in InAction?
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Since we don't know exactly what the new Chess Replacement will actually do, one cannot make a sensible comment on the choice of particular software - that will come later as more information trickles out https://lnkd.in/en_Anirv But as ever with #ASX (and the media and the regulators) it is all so predictable. With this shower all chooks can breathe a sigh of relief as the ASX just cannot run a raffle. And see predictions made here a while back! https://lnkd.in/eQ4xReTE First ASX have just managed to "pull a magic software rabbit out of an Indian (not US!) hat, but without telling anyone what the rabbit will actually taste like or even knowing whether more rabbit stew is on the menu." And what an expensive rabbit stew that is and we still don't know how much the main course will be! My guess - total cost of both projects to ASX shareholders AND industry over almost 15 years will touch the $750 million (at least) And the new advisory body - talking big but neutered - where precisely is the STRATEGY you asked for? Buying an expensive piece of software is NOT a strategy? But at least the regulators (#RBS and #ASIC) can be glad their fervent prayers have been answered, they can now walk away and leave the mess to their successors - trust me it will take that long! Given #ASX's track record on completion, this fiasco is now running close to the 2030s, almost 20 years since the idea was first mooted (and remember the rationale for the fist fiasco was that Chess was already too old then.) PS: since clearing is little more than a three phase sort and not a very big sort at that (about 1 million transactions per day) how come it is going to cost $105 million in first phase? PPS: let us not forget in our excitement that the current Chess is running on unsupported hardware (until 2030?) PPPS: no mention of T+0 or even T+1, that is unlikely to regain credibility in the global markets? Let's see what the Bard, the AI one that is, says about #ASX + limerick "In the realm of stocks and finance, Where numbers and data entwine, ASX takes its stand, With a helping hand, Guiding investors with insight so fine." Yes - insights 😉 #ASX #RBA #ASIC
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1moPatrick McConnell there you go again being all sensible and rational.