The Australian Securities Exchange (ASX) is at the heart of Australia’s financial markets, using technology “to develop innovative solutions that make life easier” for customers. Since 1871, the company has funded Australia’s economy with capital-raising services and is now one of the world’s top 10 listed exchange groups. With such high-stakes investments involved, ASX knew it was crucial to have a future-proof technology solution—both for current operations and future stability.
“We fundamentally believe that organizations can succeed in the new digitized economy by addressing the hard task of modernizing an infrastructure’s core to make it more flexible and resilient—which is central to future success,” says Dan Chesterman, CIO of the Australian Securities Exchange.
Step 1: Find a trusted technology partner
In any industry and project, it takes the right technology and the right partnership to achieve needed outcomes. ASX turned to TIBCO and Spotfire to rebuild its technology from the inside out. Combined solutions from both companies work in harmony to bring accelerated change for ASX. Its multi-year technology investment program has already seen a 30 percent reduction in failed trades, with near universal uptime—that’s the power of working better together.
“We are replacing and modernizing every layer of technology, and we see that as fundamental to the way that we’ll deliver services now and in the future,” says Chesterman.
Step 2: Modernize your core systems
Your technology can no longer afford to be outdated. Legacy infrastructure can cause more than an IT headache. This 2024 report states that companies on average spend around $2.7 million on updating legacy systems, and IT decision makers report that “up to 75 percent of their legacy systems are unable to connect to or be utilized by AI tools.”
An inflexible solution means you cannot onboard cutting-edge technology or pivot to revenue-generating trends. Is your technology ready for the next AI wave?
Step 3: Derive more value from your data
Don’t let your data sit unused in a data warehouse. The ASX DataSphere project showcases how a company can turn its data into valuable revenue streams. Customers can buy ASX data in its secure platform, built on Spotfire, which combines unique datasets, powerful analytics tools, and industry-leading data governance.
The new offering allows users to accelerate data discovery, with workspaces designed for both business and technical users. With the ability to combine private datasets with ASX’s public datasets, users can understand their company’s data in relation to the entire Australian market—all in a secure platform. DataSphere is a key way for ASX to take advantage of its massive volumes of data and translate it into actionable insights with the help of Spotfire.
Kickstart your transformation with Spotfire
The technology landscape is ever-changing. Don’t fall behind with legacy architecture and outdated intelligence. Start building the tech stack you’ll need for tomorrow, today. Artificial intelligence is only the beginning of this new technological movement, and it’s time you were at the forefront of it. See what Spotfire can do for you at spotfire.com/overview.
Want to learn more? Read the full ASX success story.