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THE JSE's state-of-the-art system known as Project Orion - which is a plan to replace the majority of the JSE's legacy information technology systems and infrastructure - is way behind schedule. The system, which began to be implemented in 2004, is now likely to be completed next year.
Asked whether Project Orion is a failure, JSE deputy CE Nicky Newton-King says: "No - but it is late and that's disappointing.
"Though we're disappointed with the delays we certainly aren't the only company to have experienced delays in technology upgrades. And we're satisfied that our existing technology is running well and coping with the increasing trading volumes it handles."
That really sounds like another eNatis, which is the South African National Traffic Information System that has been plagued by unending teething problems.
However, Project Orion is supposed to be a success because global consulting firm Accenture, which prides itself on its high performance delivery, is managing it.
Has Accenture misjudged the difficulty of the task of upgrading the JSE's technology/infrastructure? It seems so. And things are made worse by the fact that Accenture isn't allowed to talk to the media to clarify its position regarding Project Orion.
Asked whether Accenture is likely to pay a penalty for failing to deliver the project on time, Newton-King says: "As we originally negotiated a fixed cost contract, the delays are costing our service provider."