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ASX reveals go-live date of April 2022 for CHESS implementation

ASX, AustraliaAustralian Securities Exchange (ASX) has worked with a broad community of stakeholders to replace the CHESS system since the announcement was made in 2016. The COVID-19 pandemic along with a number of factors has postponed the implementation timetable of the system.

In March, ASX gave notice that the timetable was under review, but it would wait until June to formally commence consultation. This allowed CHESS users to focus on their day-to-day operational activities. It also enabled the exchange to assess the impact of the pandemic, requests for changes, and the ability of all participants to commence the operational readiness phase of the project.

The revised timetable has been produced to provide additional time for the ongoing impact of the COVID-19 pandemic on all stakeholders, accommodate functionality changes requested by users, and have a longer period for ASX and CHESS users to complete their respective development and readiness activities. The aggregate effect of these considerations produces a new go-live date of April 2022, 12 months beyond the original target go-live.

Peter Hiom, ASX Deputy CEO expounded, “ASX has undertaken a comprehensive, risk-based approach to the replan of the CHESS replacement project. We have listened to the diverse views of stakeholders and accommodated feedback on timing, user readiness and changes to functionality.

“We are approaching an important and exciting phase of the project, involving close collaboration between ASX and CHESS users, as they test their systems and begin operational readiness activities. In developing the revised implementation plan, ASX has been very mindful of the challenges the industry faces during the COVID-19 pandemic.

“At its core, the new CHESS system will deliver existing services, new and enhanced functionality, high availability, reliability and performance, and will underpin Australia’s financial markets for the next decade and beyond. We have made great progress in challenging circumstances and are focused on delivering the solution in a safe and timely manner.”

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