SYDNEY, Dec 2 (Reuters) – The Australian Securities Exchange (ASX.AX) will cut up to 200 contractors working on a project to replace its main trading platform with so-called blockchain technology after cancellation of the redesign, the company told Reuters.
After announcing plans in 2016 to replace its decades-old platform with distributed ledger technology, also known as blockchain, the world’s 13th-largest exchange pulled the plan last month, citing an independent report that said revealed that it was riddled with problems. Read more
The exchange had months earlier delayed the completion date of the redesign — one of the most high-profile use cases of blockchain technology, the same concept that underpins cryptocurrency — by 20 months to the end of 2024. Read more
The ASX had a total of about 300 people working on the now-cancelled project, of which a third were permanent staff and two-thirds were contractors and consultants, a spokesperson said.
Permanent staff would remain with the company, but “consultants and contractors whose work is currently on hold or due to be completed will exit the project in accordance with this,” the spokesperson said in an email.
The swap had retained some contractors involved in the redesign to work on a review of the project or other roles within the company, the spokesperson added.
The ASX said last month it would support up to A$255 million in its December 2022 half-year results.
Reporting by Byron Kaye; Editing by Raju Gopalakrishnan
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