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☆ Indian shares set for muted opening; TCS, Cipla in focus
▼ + stars: | 2023-11-20 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBANGALORE, Nov 20 (Reuters) - Indian shares are set to open on a slightly muted note on Monday, with a focus on the global interest rate outlook after a more than 3% rally so far this month. The NSE Nifty 50 index (.NSEI) gained 1.58% last week, its best in two months, while the Sensex rose 1.37%. "Market is expected to continue its upward movement driven, by robust macro data and diminishing global concerns," SMC Global Securities said in a note. In global markets, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.3%, with investors awaiting minutes of the Fed's last meeting.

Persons: Francis Mascarenhas, Nifty, Sohini Goswami Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, U.S . Federal, SMC Global Securities, India's Tata Consultancy Services, United, United States Food, Drug Administration, CFM Mozambique, General Tax Authority, Sethuraman NR, Thomson Locations: Mumbai, India, Rights BANGALORE, Asia, Pacific, Japan, United States, Qatar, Bengaluru

☆ Australian bourse operator partners with TCS for long due trading software overhaul
▼ + stars: | 2023-11-19 | by ( Himanshi Akhand | ) www.reuters.com time to read: +3 min

A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsNov 20 (Reuters) - Australian bourse operator ASX Ltd (ASX.AX) said on Monday it entered a deal with TATA Consultancy Services (TCS) <TCS.NS> to design and replace its trading, clearing and settlement system, after months of backlash since pulling a blockchain-based overhaul of the system last year. The estimated cost for the first release of the Clearing House Electronic Subregister System (CHESS) project is between A$105 million ($68.33 million) and A$125 million, to be incurred over multiple years, ASX said. ASX's initial attempt to overhaul CHESS earned rebuke from the Australian Securities and Investments Commission (ASIC) and Reserve Bank of Australia, with the regulators demanding more thorough reporting on plans to update the 30-year-old software. ($1 = 1.5366 Australian dollars)Reporting by Himanshi Akhand in Bengaluru Editing by Chris Reese and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Joe Longo, Helen Lofthouse, Himanshi, Chris Reese, Diane Craft Organizations: Australian Securities Exchange, REUTERS, TATA Consultancy Services, Australian Securities and Investments Commission, Reserve Bank of Australia, Accenture, TCS, Thomson Locations: Sydney, Australia, Australian, Bengaluru

☆ Australia passes law to encourage competition for main market operator ASX
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A pedestrian is reflected in a window where an investor sits looking at a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia February 9, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsCompanies ASX Ltd FollowSYDNEY, Sept 6 (Reuters) - Australia passed a law on Wednesday to support competition in post-trade settlement and clearing for financial markets, challenging the near-monopoly status held by ASX Ltd (ASX.AX). After ASX cancelled a costly overhaul of its trading platform, the federal government said it was opening up the market to let other players in. Though Australian financial regulators have called for greater competition in clearing and settlement functions for years, a failed overhaul of ASX's all-in-one legacy software system renewed pressure from market participants to challenge its near-monopoly. In other major financial markets, clearing and settlement, or confirming the transfer of stock ownership and updating share registries, are managed by separate entities to the market operator.

Persons: David Gray, Jim Chalmers, Byron Kaye, Simon Cameron, Moore Organizations: Australian Securities Exchange, REUTERS, ASX Ltd, Senate, Reserve Bank of Australia, Australian Securities and Investments, Thomson Locations: Sydney, Australia

☆ Bourse operator ASX on track for worst day in 11 years on higher cost outlook
▼ + stars: | 2023-06-06 | by ( Navya Mittal | ) www.reuters.com time to read: +1 min

June 6 (Reuters) - ASX Ltd (ASX.AX) lifted its capital expenditure outlook for fiscal 2024 on Tuesday, sending shares of the Australian bourse operator on track for their worst day since August 2012, if losses hold. Shares of ASX slipped as much as 10.1% to A$60.74, hitting their lowest since Jan. 16, 2019. The operator forecast its capital expenditure to come in between A$110 million ($72.74 million) and A$140 million for fiscal 2024, and revised its fiscal 2023 expense growth outlook to 12% - the top-end of its previous view. ASX has earmarked higher expenses to replace its Clearing House Electronic Subregister System (CHESS) software, for which the stock exchange operator submitted a report on Monday. ($1 = 1.5122 Australian dollars)Reporting by Navya Mittal in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Navya Mittal, Sherry Jacob, Phillips Organizations: Australian bourse, Citi, Thomson Locations: Bengaluru

☆ Bourse operator ASX takes action for trading software's operational reliability
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Australia's bourse operator ASX Ltd (ASX.AX) said on Monday it had submitted a special report for its Clearing House Electronic Subregister System (CHESS) software to the country's corporate regulator and the Reserve Bank of Australia. The report outlines details about the operator's arrangement to support and maintain CHESS to ensure it remained operational until a replacement is implemented. In December, the Australia Securities and Investments Commission along with the central bank, ordered ASX to submit a report ensuring stability of its trading system after a failed attempt by the bourse operator to replace its ageing software. The platform has been in need of an upgrade after many incidents of glitches, including one in November 2020 when an issue in the new equities trading platform halted trading for 20 minutes on the day it went live. Reporting by Navya Mittal in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Navya Mittal, Rashmi Organizations: Reserve Bank of Australia, Australia Securities, Investments, bourse, IT, Thomson Locations: Australia's, Bengaluru

☆ Australian stock exchange says software overhaul won't involve blockchain
▼ + stars: | 2023-05-19 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, May 19 (Reuters) - Australia's stock market operator said it will no longer attempt to rebuild its software platform with blockchain-based technology, one of the highest-profile repudiations of the once-feted concept best known for powering cryptocurrency. Until now, ASX has said it may resurrect the project using blockchain-based technology developed by New York-based contractor Digital Asset. Digital Asset, in which ASX bought a small stake after hiring it to rebuild its software in 2016, was not immediately available for comment. Whiteley told the meeting ASX was on track to decide a new strategy by year-end. Market participants had told ASX they did not want a risky, single-date changeover to new software, and "that feedback has been taken into the implementation planning", Whiteley said.

☆ Australia begins investigation against ASX over software replacement
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

March 29 (Reuters) - Australia's corporate regulator has commenced an investigation into ASX Ltd (ASX.AX) regarding oversight related to the failed replacement of the Clearing House Electronic Subregister System (CHESS) software, the bourse operator said on Wednesday. (This story has been corrected to remove reference to unrelated platform in paragraph 2)Reporting by Harish Sridharan in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Asia-Pacific markets set to trade mixed on cooled U.S. inflation outlook
▼ + stars: | 2023-01-16 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

People look at a smartphone in front of electronic boards displaying stock information inside the Australian Securities Exchange, operated by ASX Ltd., in Sydney, Australia. Markets in the Asia-Pacific were set to trade mixed as expectations of cooled inflation in the U.S. lifted investor sentiment in the region. On Friday, the University of Michigan consumer sentiment survey showed the one-year inflation outlook fell to 4%, the third straight monthly decrease and the lowest level since April 2021. In Australia, the S&P/ASX 200 rose 0.5% in its first hour of trade. The Nikkei futures contract in Chicago was at 25,830 while its counterpart in Osaka was at 25,780 — lower than the Nikkei 225 's last close at 26,119.52.

☆ Australian stock exchange's blockchain failure burns market trust
▼ + stars: | 2022-12-20 | by ( Byron Kaye | ) www.reuters.com time to read: +11 min

That 96% of that software is working," Hogben told a Stockbrokers and Investment Advisers Association conference, in footage seen by Reuters. More than a dozen brokers, other market participants and people directly involved in the blockchain project told Reuters the failure had shaken trust in the Australian exchange operator. After New York startup Digital Asset Holdings showed ASX executives a test transaction on its blockchain software, ASX in early 2016 signed the little-known company to begin exploratory work on an overhaul. From an initial plan to run about 12 of CHESS's 400 data transfers per transaction on blockchain, ASX decided the new system would include all 400 transfers, the person said. Its spokesperson told Reuters there was "no off-the-shelf solution available to meet the needs of the Australian market".

☆ Bourse operator ASX flags $172 mln hit from clearing software replacement halt
▼ + stars: | 2022-11-16 | by ( Simon Jessop | ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Australian bourse operator ASX Ltd (ASX.AX) said on Thursday it would take a pretax charge of up to A$255 million ($172 million) in the first half, as it derecognises the software being developed to replace its ageing clearing and settlement system. The replacement has been halted following a review of the project and independent findings that led ASX to conclude there were "significant technology, governance, and delivery" challenges. The software was intended to replace ASX's Clearing House Electronic Subregister System (CHESS) to improve functionality and efficiency, and adopt global standards, the bourse says on its website. All current activities on the replacement project have been paused as ASX revisits the solution design, the bourse said. It also appointed Tim Whiteley, a technology transformation executive, as the new project director for the next phase of the replacement project.

☆ Bourse operator ASX flags $172 mln hit on halting clearing software replacement
▼ + stars: | 2022-11-16 | by ( Simon Jessop | ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - Australian bourse operator ASX Ltd (ASX.AX) said on Thursday it would take a pretax charge of between A$245 million and A$255 million ($165 million-$172 million) in the first half as it derecognises the software aimed to develop to replace its ageing clearing and settlement system. ($1 = 1.4841 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Australia shares down 2% in negative Asia session after Fed signals more hikes ahead
▼ + stars: | 2022-11-03 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

A man looks at an electronic board displaying stock information at the Australian Securities Exchange, operated by ASX Ltd. on March 16, 2020 in Sydney, Australia. Shares in the Asia-Pacific dropped on Thursday after the U.S. Federal Reserve Chairman Jerome Powell signaled further hikes ahead after raising rates by 75 basis points as expected, saying it was "premature" to talk about pausing the tightening cycle. "We still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected," he said. In Australia, the S&P/ASX 200 was last down 2.23%. The MSCI's broadest index of Asia-Pacific shares outside Japan slipped around 1%.

☆ Asia-Pacific markets inch lower as investors weigh Fed hike
▼ + stars: | 2022-09-23 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

An electronic board displays stock information at the Australian Securities Exchange, operated by ASX Ltd., in Sydney, Australia, on Tuesday, Feb. 6, 2018. Asia-Pacific shares slipped on Friday as investors continue to weigh the Federal Reserve's aggressive stance. In Australia, the S&P/ASX 200 opened slightly higher but gave up gains to fall 1.16% on its return to trade after a holiday on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.18%. On Wall Street overnight, stocks fell for a third consecutive day over recession fears following the Fed's latest 75-basis-point rate hike.

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