On 17 November the ASX
announcedOpens in new window
that they have paused all current activities on the ASX CHESS Replacement Project and will close the industry testing environments as they reassess all aspects of the CHESS replacement application. The announcement was made following internal assessments and based on independent report findings by Accenture. In September 2022, Accenture was commissioned by ASX to conduct and independently review the CHESS Replacement Application delivery which focused mainly on scalability, resiliency, and supportability of the application.
Further, ASIC and the RBA have provided ASX with a
joint letter of regulatory expectationsOpens in new window
to highlight what is required of ASX Clear Pty Ltd (ASX Clear) and ASX Settlement Pty Ltd (ASX Settlement) in relation to continual support and maintenance of the current CHESS applications, as well as developing a response plan to the findings and recommendations of the Accenture report. Please refer to RBA’s
Media ReleaseOpens in new window
for full details.
As an industry stakeholder, Link Group will continue to engage with the ASX while they assess their options and we will keep you updated accordingly. Meanwhile, should you wish to discuss this matter please contact your Client Relationship Manager.