CHESS Replacement

A secure & contemporary replacement system using global standards.
Offering a better way to deliver market efficiencies and innovation opportunities.

Building core and contemporary infrastructure to advance Australia's reputation as a leading economy

ASX is replacing CHESS, its well-functioning but ageing clearing and settlement system, with enhanced technology that will create new opportunities for the Australian market. When it goes live, the new system will offer richer functionality, adopt global standards and use contemporary technology.

It will also provide the option of accessing distributed ledger technology (DLT), which will deliver information more efficiently and stimulate competition by enabling anyone to build new services.

ASX has a history of innovating and upgrading systemically important systems. It is part of what we do. We believe this new system - sitting on new infrastructure - will create a foundation for the next decade and beyond.

Latest updates

On 7 October 2020, ASX held an Implementation & Transition working group webinar on electronic CHESS holding statements, CDE8 and the new ASX website; the webinar recording and presentation materials are available here.

On 30 September 2020, ASX published updates to ASX documentation in 'September 2020 - Documentation Release Notes.' This update includes new ASX Procedures & Guidelines content, additional accreditation scripts and updates to some areas of functionality from prior publications.

The latest CHESS Replacement newsletter has been published for September 2020, and can be accessed here. New subscribers can be added to the distribution list by contacting CHESSReplacement@asx.com.au.

On 24 September 2020, ASX released its response to feedback received on the tranche 2 draft rule amendment consultation.

On 14 September 2020, ASX published the eighth drop of code into the Customer Development Environment (CDE 8). Release notes providing full details can be found here.

An updated clearing and settlement system

ASX’s CHESS Replacement project will replace an existing, aged COBOL system, with a system built on Java and DAML – the Digital Asset Modelling Language – which has also been chosen by the International Swaps and Derivatives Association (ISDA) to standardise the OTC derivatives world.