ASX today announced the implementation plan for the settlement and subregister services (Release 2) of the CHESS system.

CHESS Release 2 implementation is targeted for 2029 with estimated project costs between $270 million and $320 million.

ASX continues to work towards 2026 delivery of Release 1, with estimated project costs currently expected at the upper end of the range of between $105 million and $125 million.

ASX plans to use the full $70 million from the CHESS Replacement Partnership Program, subject to other considerations.

In August 2024, the Australian Securities and Investments Commission (ASIC) commenced proceedings in the Federal Court against ASX Limited for allegedly making misleading statements related to its Clearing House Electronic Subregister System (CHESS) replacement project.

ASIC alleges statements made in ASX announcements on 10 February 2022 that the project remained “on-track for go-live” in April 2023 and was “progressing well” were misleading.

In November 2024, ASX responded to ASIC’s allegations.