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A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. That will, however, take time, with the overhaul now expected to finish in 2029, some 13 years after it began. It also prompted the Australian Securities and Investments Commission (ASIC) to open an investigation into the exchange's disclosures about the project. ASX said it expected the first stage of the new project, clearing software, to cost between A$105 million and A$125 million with delivery around 2026. The cost and timing of the settlement and other software will be decided in 2024.

Persons: David Gray, Tim Whiteley, Joe Longo, Longo, Byron Kaye, Himanshi, Edwina Gibbs Organizations: Australian Securities Exchange, REUTERS, Tata Consultancy Services, New, Australian Securities and Investments Commission, Thomson Locations: Sydney, Australia, India, Finland, Canada, New York, 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

ASIC on Thursday cancelled the Australian financial services licence of Oztures Trading Pty Ltd, trading as Binance Australia Derivatives (Binance), in response to a request from the company. “Our targeted review of these matters is ongoing, including focus on the extent of consumer harms.”The financial services licence authorised Binance to issue derivatives and foreign exchange contracts. Noting many cryptocurrency products and services are not regulated by ASIC, Longo said the regulator supported a "regulatory framework" for the asset class. Binance said in a statement it had decided to pursue a "more focused approach" in Australia after "recent engagement with ASIC". The world's largest cryptocurrency exchange is battling regulatory suits and probes around the world.

Binance's Australian derivatives license was canceled at the crypto exchange's own request, the Australian Securities & Investments Commission said Thursday, after the regulator had begun a "targeted review of Binance" in February. Binance's exchange token was down just under 0.5% Thursday morning. Binance's regulatory scrutiny has been mounting in recent weeks and months. An apparently inadvertent compliance issue led to the Australian regulatory probe. Australia's top securities regulator has had a challenging relationship with the crypto industry in recent months, pursuing enforcement actions against several firms which the regulator alleges have violated Australian law.

☆ Australian regulator sues comparison site over crypto product
▼ + stars: | 2022-12-15 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, Dec 15 (Reuters) - Australia's corporate regulator sued the country's biggest comparison website on Thursday in relation to a cryptocurrency product, accusing it of conducting unlicensed financial services and breaching consumer protection laws. ASIC Chairman Joe Longo said in parliament this month that the regulator wants to test in court whether crypto assets count as financial products under the law. As of September, Finder Wallet owed A$20.8 million ($14.2 million) to consumers in the absence of legal protections, the cour filing added. A Finder.com spokesperson told Reuters the company did "not share ASIC's view that Finder Earn can be regarded as a debenture" and said all customer money was returned when the product was closed in November. ($1 = 1.4646 Australian dollars)Reporting by Byron Kaye; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

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