TAURUS (share trading)
Encyclopedia
Taurus was a program that set out to transfer the London Stock Exchange
from paper communication to an automated system. Taurus was implemented with the hopes of reducing time taken and cost, increasing convenience and meeting political expectations.
It was started in the 1980s and at the time several systems were up and running that achieved this goal but Taurus was to be bigger and better. The problem was that they had no concise scope, resulting in scope creep
and cost overrun
. Taurus eventually cost ₤75 million and was replaced with CREST
.
With 17 proposed systems, the designers behind Taurus tried to merge the ideas of the people involved, creating a Frankenstein's monster that reaped damages of 500 million pounds. The Sunday Times
described its failure to build the system as "the beginning of the end for the London Stock Exchange."
The project was abandoned in March 1993.
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
from paper communication to an automated system. Taurus was implemented with the hopes of reducing time taken and cost, increasing convenience and meeting political expectations.
It was started in the 1980s and at the time several systems were up and running that achieved this goal but Taurus was to be bigger and better. The problem was that they had no concise scope, resulting in scope creep
Scope creep
Scope Creep in project management refers to uncontrolled changes or continuous growth in a project's scope. This phenomenon can occur when the scope of a project is not properly defined, documented, or controlled...
and cost overrun
Cost overrun
A cost overrun, also known as a cost increase or budget overrun, is an unexpected cost incurred in excess of a budgeted amount due to an under-estimation of the actual cost during budgeting...
. Taurus eventually cost ₤75 million and was replaced with CREST
CREST
CREST is the Central Securities Depository for the U.K., Republic of Ireland, Isle of Man and Jersey equities and UK gilts, named after its securities settlement system, CREST. The project was launched in 1993, following the Taurus fiasco, and the company was founded in 1996. CREST allows...
.
With 17 proposed systems, the designers behind Taurus tried to merge the ideas of the people involved, creating a Frankenstein's monster that reaped damages of 500 million pounds. The Sunday Times
The Sunday Times
The Sunday Times is a British Sunday newspaper.The Sunday Times may also refer to:*The Sunday Times *The Sunday Times *The Sunday Times *The Sunday Times...
described its failure to build the system as "the beginning of the end for the London Stock Exchange."
The project was abandoned in March 1993.