The report, which was prepared for the Australian Securities and Investments Commission (ASIC), provides a detailed view of ASX’s arrangements for the support and maintenance of CHESS to ensure it remains operationally reliable until a replacement solution is implemented. It was also provided to the Reserve Bank of Australia (RBA) in the context of the RBA’s letter of expectations dated 15 December 2022.

CHESS was implemented in 1994 and ASX has continued a program of investment and improvement since its inception. With CHESS replacement expected to take longer than initially anticipated given the pause to the project last November, ASX confirms it has a support and maintenance plan that will appropriately manage risks associated with operating for an extended timeframe.

ASX Managing Director and CEO, Helen Lofthouse, said: “CHESS was a globally leading system when it was first introduced and I’m pleased to note that it has continued to operate safely and efficiently since then, serving the Australian market well.

“ASX considers that its existing governance, investment, and management arrangements for CHESS are commensurate with its role in providing critical financial market infrastructure. Today’s report provides comprehensive information to demonstrate this. The report is also transparent about the risks, and how these are being managed or mitigated, including through an ongoing roadmap of maintenance and support.”