TAURUS (Transfer and Automated Registration of Uncertified Stock) was a program that set out to transfer settlements of London Stock Exchange shares from transmission of paper share certificates to an automated system. TAURUS was intended to reduce the time taken and the cost of settlement, increasing convenience and reducing settlement risk.[1]
It was started in the 1980s and was intended to replace the TALISMAN system, which was only available for settlement of trades between participating brokerage firms.[1]: 92 TAURUS was also meant to change the London Stock Exchange settlement from a two week account period, settling all trades that occurred within each two-week interval in one batch, to a rolling settlement system, settling all trades three business days after the date of the trade.[2] The TAURUS project required software and hardware development but also required legal and other systemic changes, resulting in scope creep and cost overrun. TAURUS eventually cost £75 million and was replaced with the less-ambitious CREST system.[3]
With seventeen proposed systems, the designers behind TAURUS tried to merge the ideas of the people involved, creating a Frankenstein's monster that resulted in costs estimated at £400 million to the stakeholders. The Sunday Times described its failure to build the system as "the beginning of the end for the London Stock Exchange".[4]
^ abTrading around the clock : Global Securities markets and Information Technology. U.S Congress Office of Technology Assessment. July 1990. ISBN9781428922075 – via Google Books.
^McRae, Hamish (12 March 1994). "Comment: Taking the bull by the horns". The Independent. Archived from the original on 2022-05-26.
^"CREST : Little Taurus". Practical Law Publishing Ltd. 1993-09-01. Retrieved 2010-06-12.
^"Taurus: Bank takes the bull by the horns". The Sunday Times. 1993-03-14. pp. Business supplement.; cited in Martin, James (1996). Cybercorp: The New Business Revolution. New York City, NY: American Management Association. p. 26. ISBN0814403514.
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taurus, transfer, automated, registration, uncertified, stock, program, that, transfer, settlements, london, stock, exchange, shares, from, transmission, paper, share, certificates, automated, system, intended, reduce, time, taken, cost, settlement, increasing. TAURUS Transfer and Automated Registration of Uncertified Stock was a program that set out to transfer settlements of London Stock Exchange shares from transmission of paper share certificates to an automated system TAURUS was intended to reduce the time taken and the cost of settlement increasing convenience and reducing settlement risk 1 It was started in the 1980s and was intended to replace the TALISMAN system which was only available for settlement of trades between participating brokerage firms 1 92 TAURUS was also meant to change the London Stock Exchange settlement from a two week account period settling all trades that occurred within each two week interval in one batch to a rolling settlement system settling all trades three business days after the date of the trade 2 The TAURUS project required software and hardware development but also required legal and other systemic changes resulting in scope creep and cost overrun TAURUS eventually cost 75 million and was replaced with the less ambitious CREST system 3 With seventeen proposed systems the designers behind TAURUS tried to merge the ideas of the people involved creating a Frankenstein s monster that resulted in costs estimated at 400 million to the stakeholders The Sunday Times described its failure to build the system as the beginning of the end for the London Stock Exchange 4 The project was abandoned in March 1993 See also editSettlement finance References edit a b Trading around the clock Global Securities markets and Information Technology U S Congress Office of Technology Assessment July 1990 ISBN 9781428922075 via Google Books McRae Hamish 12 March 1994 Comment Taking the bull by the horns The Independent Archived from the original on 2022 05 26 CREST Little Taurus Practical Law Publishing Ltd 1993 09 01 Retrieved 2010 06 12 Taurus Bank takes the bull by the horns The Sunday Times 1993 03 14 pp Business supplement cited in Martin James 1996 Cybercorp The New Business Revolution New York City NY American Management Association p 26 ISBN 0814403514 External links editSCIT Why Projects Fail London Stock Exchange Taurus nbsp This article about stock exchanges is a stub You can help Wikipedia by expanding it vte nbsp This business software article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title TAURUS amp oldid 1173347279, wikipedia, wiki, book, books, library,
