IBM finds ASX outage the result of trade platform not being ready for go-live
Last November, the Australian Securities Exchange (ASX) experienced significant software issues when it went live. The exchange was forced to pause trades as a result of the difficulties. The exchange stated at the time that Nasdaq, its technology provider, and independent third parties had tested the ASX Trade system for over a year, including four dress rehearsals to ensure that the system was ready to be sent into the wild. Following the outage, an independent review was conducted by IBM.
On Monday, IBM concluded the review and presented its findings to ASX, offering 17 recommendations and highlighting a number of shortcomings in the project. According to IBM, the trading platform was not ready to go live. IBM found that there were gaps in the effort applied to the project delivery risk and issue management project. For a launch of this size and scale, IBM states that there was a lack of risk and issue management, project compliance, and adequate project test strategy and planning that did not meet industry practices.