ASX releases first CHESS upgrade
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The news: The ASX has successfully implemented the first release of its Clearing House Electronic Subregister System (CHESS) replacement project today.
The context: The first release is its upgraded clearing services and the ASX said it successfully connected “ahead of market open”.
ASX acting group executive, securities and payments Andrew Jones said the release’s true test would come from meeting key milestones including market open and trading, batch settlement, and end-of-day processing.
Earlier this month, there were still three outstanding assurance and delivery risks that could have delayed the go-live.
The bourse operator noted project costs for CHESS release 1 would be within the previous estimate of around $125 million.
CHESS Release 2 delivery is expected to be completed in 2029.
What they said: ASX chief executive Helen Lofthouse said: “The increased market volatility we’ve witnessed in the past few weeks highlights the importance of providing resilient infrastructure that can process increased volumes, and CHESS also has the ability to scale further when needed.”
“Release 1 of our CHESS project is a key step in the execution of our technology modernisation strategy, and the design of the solution we’ve chosen will enable further innovation to meet the evolving needs of the market.”
The source: ASX
