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Servian moves ASX data analytics into Google Cloud

Servian moves ASX data analytics into Google Cloud

Will power DataSphere, ASX's data science and commercialisation platform.

Dan Chesterman (ASX)

Dan Chesterman (ASX)

Credit: ASX

The Australian Securities Exchange (ASX) has migrated its data and analytics footprint to Google Cloud with the help of Sydney consultancy Servian. 

The project saw the ASX move its platform DataSphere – which allows customers to access ASX and third-party data to solve issues – as part of a wider modernisation program. 

Cognizant-owned Servian and Google Cloud have also delivered training and enablement plans to run DataSphere with the latter's BigQuery. 

This includes the co-design of a cross-ASX training program that will provide employees with an opportunity to learn and apply the latest technologies to their job. 

“Data is central to our strategy—financial markets depend upon reliable, timely and relevant data,” said Dan Chesterman, group executive of technology and data and CIO at ASX.

“We operate critical infrastructure that underpins both the Australian and New Zealand financial markets, so having access to best-in-class technology is critical. Our collaboration with Google Cloud enables us to make data and insights accessible in a flexible and scalable environment. It will help us bring new products and services to market faster.” 

The ASX is currently renewing several core platforms which will see the average age of the core equity market technologies drop from over 20 years to an average of less than five years.  

ASX is now said to be introducing new technology patterns and is digitising other parts of its business. It is also currently building new products with its debt, equities and futures market data, and investigating opportunities to collaborate on product development with Google Cloud. 

In August, ASX appointed Accenture to provide an independent review of its CHESS application project as delays of the rollout continue. 

In 2017, following two years of evaluation, the ASX confirmed it was spending $50 million in replacing its decades-old Clearing House Electronic Subregister System (CHESS) with blockchain-inspired distributed ledger technology (DLT) developed by US software firm Digital Asset.

CHESS has been used to record shareholdings and manage the clearing and settlement of equity transactions in Australia since it was introduced in 1994. 

The exchange wanted to take the opportunity to replace it with “a next generation post-trade platform using contemporary technology”.

The CHESS go-live date was pushed back “based on current information”, which the Exchange says it expects the new date to be at least after late 2024.

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Tags ASXCognizantGoogle CloudServian

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