News: ASX UPDATE 1-Australia's exchange operator sets up program for trading software replacement

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Feb 16 (Reuters) - Australian bourse operator ASX Ltd (ASX) said on Thursday it was setting aside up to A$70 million ($48.32 million) for a program to accelerate its software replacement project that was halted in November.

ASX, which appointed a new chief executive officer last August, said it was targeting a revised solution design for the replacement of its Clearing House Electronic Subregister System (CHESS) software by December 2023.

Providing rebates to participants for their clearing and settlement fees, and giving incentive payments to eligible stakeholders building the platform make up the two components of the program, ASX said.

In December, Australia's corporate regulator and the central bank launched a coordinated action against ASX, ordering it to submit a robust response plan while ensuring the stability of its trading system.

ASX's three-decade-old trading platform was in need of an upgrade after many incidents of glitches, including one in March last year that disrupted trading in futures and options markets.

($1 = 1.4486 Australian dollars)