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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 6 November 2020, ASX held an Implementation & Transition working group webinar on ASX’s response to consultation feedback & confirmed implementation timetable; the Q&A, webinar recording & presentation materials are available here.

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

On 30 October 2020, ASX published updates to ASX documentation in 'October 2020 - Documentation Release Notes.' This update includes new ASX Procedures & Guidelines content, additional accreditation scripts, further features for the CHESS UI and details for inflight transactions.

On 28 October 2020, ASX confirmed the new go-live date for the CHESS replacement system as April 2023.  This follows careful consideration of the feedback from the 100 organisations that participated in the extensive industry consultation on a revised implementation timetable. It also involved engagement with regulatory agencies, detailed discussions with our technology partners and completion of a comprehensive project review.  ASX’s formal response to the consultation feedback, the key factors driving the project extension and the full implementation schedule can be found here. A copy of ASX’s media release accompanying the announcement is also available 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. 

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