The Sydney Futures Exchange has pushed back plans to migrate to a new clearing and settlement system until next year while it awaits the resolution of technical performance problems afflicting the OMX-supplied platform.
SFE had previously estimated that the go-live date for the Austraclear replacement system would fall in Q3 2005. This date has now been pushed back by at least three months following an independent SFE-commissioned review into connectivity problems that were impacting the stability of the system.
In a statement, SFE says: "This review has caused SFE to seek additional comfort in respect of OMX’s ability to support the application and environment in production. SFE requires that OMX delivers a robust and stable market platform to the highest operational standards."
The Exchange believes that the delay will not give rise to any impairment of the ultimate carrying value of the project, "pending the finalisation of commercial discussions between SFE and OMX".
The SFE entered an eight-year multi-million dollar agreement to outsource its core clearing technology and operational support functions to Swedish vendor OM in Janaury 2002.