ASX announces CHESS project update

ASX Limited (ASX:ASX) has outlined its plan for Release 2 of the CHESS Project. Targeting implementation by 2029, the project is expected to cost between $270 million and $320 million. This follows ASX's choice of TCS's BaNCS Market Infrastructure product, with Accenture as a partner. Release 1 is expected in 2026, with projected costs of up to $125 million.

ASX CHESS project strategy and outlook

ASX Limited is advancing its CHESS replacement project to modernize its technology infrastructure. The project is split into two main releases to manage risks and stakeholder impacts. Release 1, focusing on clearing services, is scheduled for 2026 with costs estimated at $105 to $125 million. Release 2, targeting settlement and subregister services, is set for 2029, with costs ranging from $270 to $320 million. The CAPEX guidance remains unchanged, with allocations for both releases, and a reduction expected after FY27. ASX has reserved $70 million for the CHESS Replacement Partnership Program, aligning industry readiness with the project timeline. Extensive industry consultations have been conducted, with feedback on potential shorter settlement cycles to be considered post-implementation. ASX is focused on delivering safe, reliable infrastructure while engaging with stakeholders throughout the project.

ASX executive commentary on CHESS project

Helen Lofthouse, ASX Managing Director & CEO, emphasized the importance of safe and reliable project delivery. The phased implementation approach allows time for industry preparation and engagement. ASX is committed to stakeholder engagement throughout the project lifecycle.