ASX advises of strong likelihood of delay to CHESS replacement go-live date
ASX today provided a CHESS replacement project update to CHESS users, software providers and other stakeholders. Today’s update includes important information about the timing of the next software release, which has resulted in delays to the current phase of the project schedule. At this time, ASX advises that there is a strong likelihood of delay to the go-live date. The Exchange says it will engage with its software provider and stakeholders to assess the impact, and will update the market on this process.
Following receipt of the next software release (v1.3) from ASX technology provider, it will be tested and deployed into ITE1 in July. This release will incorporate:
- the next iteration of non-functional tuning of the application and code fixes identified by customers, and
- a software candidate for providers to accredit against.
Accreditation can commence once this software is available in ITE1 in July, rather than the end of April. Accreditation commencement will vary dependent on the participant type the vendor is supporting, with some commencing in July and others from August. For now, software providers will continue to work through functional testing (on v1.2) in ITE1.
Although ASX is confident with the delivery, testing and industry participation to date, it also recognises the complexity and risk management necessary for this type of project and the need for comprehensive industry testing, integration and operational readiness. It remains committed to meeting industry and stakeholder expectations of implementing the new system in a manner that appropriately balances efficiency and safety.