From Newsgroup: comp.os.vms

A classic case of FAFO.

VMS keeps on truckin' on.

https://www.theregister.com/software/2026/07/03/failed-blockchain-project-ends-with-big-fine-for-fibs-about-it-being-on-track/5266297

Failed blockchain project ends with big fine for fibs about it being on track

A final humiliation for AustraliarCOs Securities Exchange and its attempts to run a bourse on distributed ledgers

Simon Sharwood

02 Jul 2026

The attempt by AustraliarCOs Securities Exchange (ASX) to replace its core trading platform with a blockchain-based system has ended with an A$20.5 million fine ($14.2 million/-u10.6 million), further humiliation after the project flopped.

The ASX runs a platform called the Clearing House Electronic Subregister System (CHESS) to process and track trades on its exchange. In 2017, the ASX decided to replace CHESS, citing difficulties maintaining the application, which the bourse coded in COBOL and ran in OpenVMS on Itanium processors.

:
:
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From Newsgroup: comp.os.vms

On 07/08/2026 8:20 PM, Subcommandante XDelta wrote:

A classic case of FAFO.

VMS keeps on truckin' on.

https://www.theregister.com/software/2026/07/03/failed-blockchain-project-ends-with-big-fine-for-fibs-about-it-being-on-track/5266297

Failed blockchain project ends with big fine for fibs about it being on track

A final humiliation for AustraliarCOs Securities Exchange and its attempts to run a bourse on distributed ledgers

Simon Sharwood

02 Jul 2026

The attempt by AustraliarCOs Securities Exchange (ASX) to replace its core trading platform with a blockchain-based system has ended with an A$20.5 million fine ($14.2 million/-u10.6 million), further humiliation after the project flopped.

I wonder if the /business people/ in charge of this CHESS understand
that they just paid this -- or have to pay -- USD fourteen million
dollars to a completely unrelated 3rd party, because they were too
cheap to hire COBOL programmers who speak VMS?

Or you know, train their in-house COBOL programmers.

The ASX runs a platform called the Clearing House Electronic Subregister System (CHESS) to process and track trades on its exchange. In 2017, the ASX decided to replace CHESS, citing difficulties maintaining the application, which the bourse coded in COBOL and ran in OpenVMS on Itanium processors.

:
:

So exactly how much did they pay for this adventure, in total? You
summarized a USD fourteen million dollar fine, but the project must
have cost more, with both technology and salaries.

How much is an amd64 machine from Oxide, and how much is the OpenVMS
license for all the cores?
--
Johann | email: invalid -> com | http://www.myrkraverk.com/blog/
I'm not from the Internet, I just work there. | via Easynews.com https://bsky.app/profile/myrkraverk.bsky.social | for ( ;; ) _:;
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From Newsgroup: comp.os.vms

On Fri, 7 Aug 2026 22:20:46 +1000, Subcommandante XDelta wrote:

A classic case of FAFO.

VMS keeps on truckin' on.

Except that keeping the system running on VMS is probably getting more
and more expensive. How else is VSI going to keep making a profit as
the customer base dwindles?

The offence they were being punished for was not taking too long to
build the system, but lying about it. Was the fine much bigger than
the support costs of the legacy system?

From the article:

A parliamentary report on the project found three reasons why it
failed. One was that the ASX didnrCOt properly define its
objectives. Another was that the company kept adding new
requirements but started building the CHESS replacement anyway,
meaning the planning and deployment phases of the project
overlapped.

I donrCOt see why overlapping design and implementation should be such a
bad idea: if you wait until yourCOve nailed down 100% of the
requirements before writing any code, yourCOll never make a start. Being
able to see and touch working code (even if itrCOs only partially
functional and not quite right anyway) is a great way to focus
peoplerCOs minds on what they really need.
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From Newsgroup: comp.os.vms

Le 07/08/2026 |a 14:20, Subcommandante XDelta a |-crit-a:

A classic case of FAFO.

VMS keeps on truckin' on.

https://www.theregister.com/software/2026/07/03/failed-blockchain-project-ends-with-big-fine-for-fibs-about-it-being-on-track/5266297

Failed blockchain project ends with big fine for fibs about it being on track

A final humiliation for AustraliarCOs Securities Exchange and its attempts to run a bourse on distributed ledgers

Simon Sharwood

02 Jul 2026

The attempt by AustraliarCOs Securities Exchange (ASX) to replace its core trading platform with a blockchain-based system has ended with an A$20.5 million fine ($14.2 million/-u10.6 million), further humiliation after the project flopped.

The ASX runs a platform called the Clearing House Electronic Subregister System (CHESS) to process and track trades on its exchange. In 2017, the ASX decided to replace CHESS, citing difficulties maintaining the application, which the bourse coded in COBOL and ran in OpenVMS on Itanium processors.

:
:

==Dear Subcommandante,

We need, perhaps, a new concept for such a situation. Perhaps: the
"sprinter debt", exact contrary of the "technical debt"? :)
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From Newsgroup: comp.os.vms

On 2026-08-07, Subcommandante XDelta <vlf@star.enet.dec.com> wrote:

A classic case of FAFO.

VMS keeps on truckin' on.

https://www.theregister.com/software/2026/07/03/failed-blockchain-project-ends-with-big-fine-for-fibs-about-it-being-on-track/5266297

Failed blockchain project ends with big fine for fibs about it being on track

A final humiliation for Australia?s Securities Exchange and its attempts to run a bourse on distributed ledgers

Simon Sharwood

02 Jul 2026

The attempt by Australia?s Securities Exchange (ASX) to replace its core trading platform with a blockchain-based system has ended with an A$20.5 million fine ($14.2 million/u10.6 million), further humiliation after the project flopped.

The ASX runs a platform called the Clearing House Electronic Subregister System (CHESS) to process and track trades on its exchange. In 2017, the ASX decided to replace CHESS, citing difficulties maintaining the application, which the bourse coded in COBOL and ran in OpenVMS on Itanium processors.

CHESS appears to be very much in legacy mode however and a replacement
product has been chosen.

This report makes very interesting reading:

https://www.asx.com.au/content/dam/asx/markets/clearing-and-settlement-services/2025-chess-public-roadmap-update-report.pdf

Start with section 4.5.1 on page 13 of the PDF.

Simon.
--
Simon Clubley, clubley@remove_me.eisner.decus.org-Earth.UFP
Walking destinations on a map are further away than they appear.
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From Newsgroup: comp.os.vms

In article <115f476$3vjra$1@dont-email.me>,
Simon Clubley <clubley@remove_me.eisner.decus.org-Earth.UFP> wrote:

On 2026-08-07, Subcommandante XDelta <vlf@star.enet.dec.com> wrote:

A classic case of FAFO.

VMS keeps on truckin' on.

https://www.theregister.com/software/2026/07/03/failed-blockchain-project-ends-with-big-fine-for-fibs-about-it-being-on-track/5266297

Failed blockchain project ends with big fine for fibs about it being on track

A final humiliation for Australia?s Securities Exchange and its attempts to run a bourse on distributed ledgers

Simon Sharwood

02 Jul 2026

The attempt by Australia?s Securities Exchange (ASX) to replace its core trading platform with a blockchain-based system has ended with an

A$20.5 million fine ($14.2 million/u10.6 million), further humiliation after the project flopped.

The ASX runs a platform called the Clearing House Electronic Subregister System (CHESS) to process and track trades on its exchange. In

2017, the ASX decided to replace CHESS, citing difficulties maintaining the application, which the bourse coded in COBOL and ran in OpenVMS on
Itanium processors.

CHESS appears to be very much in legacy mode however and a replacement >product has been chosen.

This report makes very interesting reading:

https://www.asx.com.au/content/dam/asx/markets/clearing-and-settlement-services/2025-chess-public-roadmap-update-report.pdf

Start with section 4.5.1 on page 13 of the PDF.

Interesting. Tata Consulting Services has been selected to
provide a replacement, and they will be using TCS Bancs. That's
Java based, so looks like another Linux deployment.

- Dan C.

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