ASX (Australian Securities Exchange) reports that it is replanning the CHESS replacement implementation timetable due to the uncertainty created by the unfolding COVID-19 pandemic. CHESS (Clearing House Electronic Subregister System) is the computer system used by ASX to record shareholdings and manage the settlement of share transactions.

ASX says the move is also in response to user feedback on timing, requested functionality changes, and the need for ASX to complete aspects of its own readiness.

In June, ASX will seek user input on the new schedule that will move the go-live date from April 2021 to a later date. In the meantime, the target of opening an Industry Test Environment (ITE) in July is retained.

The replan will provide additional time for users to complete their operational readiness activities and to consider the rule changes that accompany the new system. It will also increase the time available for back office software developers to familiarise themselves with key aspects of the new system in a production-like testing environment, and enable them and ASX to complete software development and testing.

ASX Deputy CEO Peter Hiom said: "In light of recent events, ASX is replanning the implementation of the CHESS replacement system. We are conscious of the importance of providing a new schedule, and the need to get the valuable input of CHESS users. Right now, however, in this environment of heightened volatility and activity levels, the industry needs to focus on day-to-day operations.

"We will therefore wait until June to consult on the new timetable when we expect everyone will have more time to consider the replan and better assess the implications of COVID-19. We will then announce the new schedule.

"Throughout this project, consultation has been thorough and we will continue to listen to all of our stakeholders as we work through this together. Our priority is to ensure the orderly and safe completion of this project with the continued close oversight of our regulators. We thank everyone for their ongoing support during this replanning process.

"ASX remains fully committed to CHESS replacement. We continue to progress the project, including system development and testing, supporting back office software developers, and assisting users in their readiness activities. The investments we are making in the new system and in distributed ledger technology are for the long-term benefit of the financial services industry and the Australian economy."

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ASX (Australian Securities Exchange) reports that it is replanning the CHESS replacement implementation timetable due to the uncertainty created by the unfolding COVID-19 pandemic. CHESS (Clearing House Electronic Subregister System) is the computer system used by ASX to record shareholdings and manage the settlement of share transactions.

ASX says the move is also in response to user feedback on timing, requested functionality changes, and the need for ASX to complete aspects of its own readiness.

In June, ASX will seek user input on the new schedule that will move the go-live date from April 2021 to a later date. In the meantime, the target of opening an Industry Test Environment (ITE) in July is retained.

The replan will provide additional time for users to complete their operational readiness activities and to consider the rule changes that accompany the new system. It will also increase the time available for back office software developers to familiarise themselves with key aspects of the new system in a production-like testing environment, and enable them and ASX to complete software development and testing.

ASX Deputy CEO Peter Hiom said: "In light of recent events, ASX is replanning the implementation of the CHESS replacement system. We are conscious of the importance of providing a new schedule, and the need to get the valuable input of CHESS users. Right now, however, in this environment of heightened volatility and activity levels, the industry needs to focus on day-to-day operations.

"We will therefore wait until June to consult on the new timetable when we expect everyone will have more time to consider the replan and better assess the implications of COVID-19. We will then announce the new schedule.

"Throughout this project, consultation has been thorough and we will continue to listen to all of our stakeholders as we work through this together. Our priority is to ensure the orderly and safe completion of this project with the continued close oversight of our regulators. We thank everyone for their ongoing support during this replanning process.

"ASX remains fully committed to CHESS replacement. We continue to progress the project, including system development and testing, supporting back office software developers, and assisting users in their readiness activities. The investments we are making in the new system and in distributed ledger technology are for the long-term benefit of the financial services industry and the Australian economy."