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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 23 December 2020, ASX published the Q&A for the Implementation & Transition working group webinar held on 16 December 2020, and can be accessed here.

The latest CHESS Replacement newsletter has been published for December 2020, and can be accessed here

On 17 December 2020, ASX published technical documentation including new documentation for the cancellation of dormant accounts and other updates. Release notes providing full details can be found here.

On 16 December 2020, ASX held an Implementation & Transition working group webinar which included updates on NBO & settlement process re-design, data governance under CHESS and CHESS replacement, CDE 9 including test tooling, DRP & BSP functionality and the forward stakeholder engagement plan for 2021; the webinar recording & presentation materials are available here.

On 16 December 2020, ASX published a payment provider factsheet which focuses on the CHESS replacement project from the perspective of payment providers and their customers, settlement participants. 

On 4 December 2020, ASX published an information paper on data governance for CHESS and CHESS replacement. The paper explains ASX’s data governance arrangements for CHESS which will continue to apply under the new system, with only limited updates to the data that is received and how it is managed under the replacement system.  Since the paper explains ASX’s approach to data governance under CHESS generally, it is relevant to Day 1 functionality, the release 1.1 features (electronic acceptance and payment for entitlement offers) that will be included in a future release after Day 1, and any other future releases under the replacement system.

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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