ASX publishes CHESS support and maintenance plans 06 June 2023Australia Reporter: Lucy Carter
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ASX has released a report detailing its plans for the support and maintenance of its CHESS programme as it continues to implement a replacement solution.
The report was originally produced for the benefit of the Australian Securities and Investments Commission (ASIC), and was delivered to the Reserve Bank of Australia following its December 2022 letter of expectations.
A total of 27 initiatives are included in the report, designed to support the capacity, availability, performance and IT management of CHESS and ensure security and continuity.
An independent audit by EY has established that ASX’s work supports the outcomes documented in the report, addresses ASIC’s concerns around the support and maintenance of CHESS and has conducted sufficient governance for the report’s production.
Recommendations from the audit have been acknowledged and will be addressed, ASX says.
Helen Lofthouse, managing director and CEO of ASX, comments: “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.”
“We will continue investing in and enhancing CHESS to support the long-term interests of Australia’s financial markets, and to ensure we continue to meet applicable regulatory requirements. We are making good progress on the CHESS replacement solution design and our intention remains to announce the solution design by the final quarter of this calendar year.”
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Image: lan Smithers/stock.adobe.com 