Three years after halting a DLT project aimed at replacing it’s clearing and settlement system, the Australian Stock Exchange (ASX) has completed the first phase of a new system replacement project by implementing TCS’s cloud-based solution.
Clearing House Electronic Subregister System (CHESS) facilitates the clearing and settlement of trades in eligible financial products. It facilitates the transfer of legal title to securities through the CHESS sub-register and enables delivery-verses-payment settlement by transferring securities and cash between buyers and sellers. Release-1 of the CHESS Project, which is designed to modernise the 32 year old legacy infrastructure, delivers the new clearing component.
TCS said together the two solutions – TCS BaNCS and Quartz Gateway – deliver a “high-performance, scalable and resilient CCP clearing solution for multiple asset classes”.
They support real-time trade novation and netting and provide connectivity to multiple Australian exchanges and supports ISO 15022, ISO 20022 and FIX messaging standards.
ASX is delivering the CHESS Replacement Project in two releases, a staged approach developed in close consultation with industry to manage change and reduce implementation risk for critical market infrastructure systems. With the successful completion of Release-1, TCS and ASX along with industry participants have commenced work for Release-2 of the CHESS Replacement Program, targeted to go-live 2029.
