ASX opens consultation on revised CHESS replacement implementation timetable

Maria Nikolova

The new go-live date is April 2022, 12 months beyond the original target go-live.

ASX today opened a consultation into a revised timetable for the replacement of its Clearing House Electronic Subregister System (CHESS).

As FinanceFeeds has reported, in March this year, ASX gave notice that the timetable was under review, but would wait until June to formally commence consultation. This allowed CHESS users to focus on their day-to-day operational activities amid the Covid-19 pandemic. It also enabled ASX 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.

All these considerations have resulted in a new go-live date of April 2022, 12 months beyond the original target go-live.

ASX explains that, since it announced the need to replan in March this year, significant progress has been made. For instance, the CHESS replacement application and the distributed ledger have been successfully deployed to several ASX technology environments across multiple data centres. Also, a seventh software drop has been deployed on schedule into the customer development environment (CDE), which represents 89% of the core clearing and settlement functionality used by customers. In addition, 34 organisations have connected to the CDE, including software providers, brokers and share registries.

The opening of the industry test environment, initially for back office software providers, is being prepared for commencement in December 2020.

Updated procedures and guidelines aligned to the replacement system have started to be published.

The consultation is open for four weeks with responses due by July 28, 2020.

Read this next

Inside View

Broadridge report finds 27% of firms’ overall IT budget goes to digital transformation

“A new chapter in digital transformation is emerging. In our work with clients across the financial services industry we see leading firms are already reaping the benefits from digitalization and the use of technologies such as AI and blockchain/DLT, as they adapt to economic headwinds and new competitive dynamics”

Executive Moves

Ripple announces Monica Long as President

“I’m incredibly honored to take on the role of President at Ripple as we expand deeper into crypto-enabled services like liquidity, settlement and custody.”

Executive Moves

Arabesque AI appoints Carolina Minio Paluello as CEO

“Arabesque AI is uniquely positioned to service the asset management industry’s need to meet the growing market demand for hyper customised portfolios.”

Industry News

SEC Commissioner Mark T. Uyeda says standardized ESG measures are doomed to fail

“Because ESG ratings may be divorced from matters of financial materiality, they can reflect a particular political or social agenda.”

Industry News

Worldline launches digital payments suite in India

“Our low-cost innovative offering SoftPOS will empower SMBs in a big way to accept digital payments affordably.”

Technology

cTrader Web 4.5 Presents Guest Mode, Multiple Charting and Copy Improvements

Spotware has announced the release of its cTrader Web version 4.5, which comes with a whole range of features and improvements for all cTrader users.

Technology

SteelEye suggests integrated surveillance as Morgan Stanley fines employees over WhatsApp

“The use of integrated surveillance means firms can avoid unwanted regulatory attention by enabling them to self-report and self-remedy more efficiently when malpractice is flagged.”

Industry News

ASIC bans Gregory William Finerty for unlicensed FX algo trading bot

Bradford AI leased an algorithmic trading program known as ‘Robot 1’ to trade on the FX market, using an Australia-based over the counter contracts for difference (CFD) broker.

Opinion

With the recent changes to St Vincent licensing, what will the future trends be for licensing in 2023?

New St. Vincent and the Grenadines regulations came as somewhat of a shock for those brokerages that are only regulated in SVG

<