(Bloomberg Law) -- The Australian Stock Exchange’s plan to replace its main trading applications with a blockchain-based system has hit another snag, and the market operator’s new CEO is bringing in consulting giant Accenture to study the project.

“ASX and Digital Asset, our application software provider, have identified that more development is required than previously anticipated to meet ASX’s scalability and resilience requirements for the application,” the exchange, known as ASX, said in a statement Wednesday.

It now says it doesn’t expect the changeover, already delayed twice this year, to go live “before late 2024.”

• The project to replace the exchange’s aging CHESS clearing and settlement system with distributed ledger technology ranks among the highest-profile blockchain projects in finance.
• Accenture will “bring external expertise to assess the remaining work required to complete delivery of the application,” ASX said. The findings of the consulting firm’s independent review will be released to the public, it said.
• The announcement came after Helen Lofthouse took over from Dominic Stevens as ASX’s managing director and CEO on Aug. 1. “In bringing a fresh set of eyes, Helen is seeking an independent assessment of the new application and the remaining deliverables, and supports a process that will strengthen stakeholder confidence,” the statement said.

To contact the reporter on this story: David Jolly in Washington D.C. at djolly@bloombergindustry.com

To contact the editors responsible for this story: Meg Shreve at mshreve@bloombergindustry.com; Alex Clearfield at aclearfield@bloombergindustry.com

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