Australian Stock Exchange Fires 200 Contractors Working On Its Failed Blockchain Project

The Australian Securities Exchange (ASX) is laying off almost 200 contractors who were working on integrating blockchain technology into its CHESS clearing and settlement system.

Earlier this month, ASX announced the crash of the seven-year project. ASX bore a $170 million pre-tax loss as a result.

The ASX CHESS (Clearing House Electronic Subregister System) has been operating for around 25 years. ASX CHESS manages the settlement of share transactions and records shareholdings across the roughly $3.19 billion of daily trading volume it handles.

The project crashed due to latency and technical constraints surrounding its API, according to an audit by Accenture consultancy.

At its peak, the project had a total of 300 people working on it, around 75% of which would have been independent contractors.

The ASX says the CHESS system “remains secure and stable, and is performing well.”

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