Charleston Post Courier: Wall St.’s glitchy big-data project claims SC jobs

Two years in, the database project has encountered its share of bugs. Thesys rolled out the first phase in November, a year behind schedule. Not only was it late, it didn’t function as expected, according to news reports.

Meanwhile, the American Securities Association, which represents regional financial services firms, has been railing about privacy concerns. It’s demanding that sensitive personal information about U.S. investors be scraped from the online storage site.

“The ever-present threat of a cyberattack on large databases is an unfortunate reality that must be dealt with,” Christopher Iacovella, the trade group’s CEO, said in a letter last week to SEC regulators.

In an aside, Iacovella added that he “welcomes” recent reports that Thesys is being “fired,” suggesting some level of dissatisfaction, but he did not elaborate.
The group that hired the company announced last week that its bringing in a new vendor. In the interim, Thesys remains on the job. It also will assist with the transition.

“Thesys has been extremely cooperative in this process, and we’re thankful to them for that,” said Michael Simon, a representative for the exchanges.

The company has described its exit from the project as a mutual decision, telling the Wall Street Journal that the “parties have irreconcilable differences.”

A Thesys spokeswoman said in a statement Thursday that the firm is winding down its Consolidated Audit Trail database operations in Charleston and New York. It will maintain the system until March 31, she added.

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