The Australian Securities Exchange has released a new scope and implementation plan for the replacement of its settlement system CHESS. The earliest go-live date has been moved back six months from Q4 2020 to “target March-April 2021”. The decision came after feedback to a consultation.
Respondents questioned whether the proposed implementation window was achievable given the significance of the technology change and the range of new scope being introduced. ASX considered this feedback having regard to the priority respondents placed on these changes, the estimated reduction in development and testing effort (operational and technology) required by users, and the regulatory work that would need to be addressed prior to implementation.
As a result, ASX has modified the plan and will:
- defer implementation of seven new scope items from Day 1 to post-Day 1 and bring forward one new requirement
in response to strong representations from a number of respondents; - push back the earliest commencement date for the new system from Q4 2020 to target March-April 2021;
- provide an additional six months for user development and testing;
- defer commencement of industry-wide testing by six months; and
- extend mandatory accreditation by six months
