Australian Stock Exchange (ASX) has written off a
multi-million dollar project aimed at providing an electronic
transaction infrastructure to the funds management
The exchange said the FundConnect initiative, which has so
far notched up $3.5m in development costs, was being dropped
following industry consultation. "It was decided there was no
likelihood of a sufficiently compelling business case in the
present environment, but that the matter would be re-examined
should these conditions change," ASX said in a statement.
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