ASX delays blockchain overhaul of CHESS system to April 2022

The Australian Stock Exchange (ASX) has confirmed it will delay the overhaul of its CHESS system as it continues to consult with market participants over the timeline and readiness.

ASX aims to provide additional time to allow for the ongoing impact of the COVID-19 pandemic on all stakeholders and accommodate functionality changes requested by users. However, the revised timetable of April 2022 is subject to feedback, indicating further delays could be possible if users are not ready. 

“ASX has undertaken a comprehensive, risk-based approach to the re-plan 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,” said Peter Hiom, Deputy CEO at ASX.

“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.”