Australian Securities Exchange (ASX) has confirmed that it will cut up to 200 contractors working on a project to replace its main trading platform with blockchain technology after cancelling the overhaul, Reuters news report said.
ASX announced its plans in 2016 to replace its decades-old platform with distributed ledger technology (blockchain). The world’s 13th-largest stock exchange pulled the project citing an independent report which found it was riddled with problems.
ASX had months earlier delayed the completion date of the overhaul – one of the most high profile cases of using blockchain technology, the same concept which underpins cryptocurrency – by 20 months to late 2024.
ASX had about 300 people working on project, of which one-third were permanent staff and two-thirds were contractors and consultants.
Permanent staff would stay at the company but consultants and contractors whose work is now paused or is due to complete will roll off the project in line with this, ASX spokesperson said in an email.
The exchange had retained some contractors involved in the overhaul to work on a review of the project or other roles at the company.
ASX said last month that it would take a charge of up to A$255 million in its December 2022 half-year results.