ASX CHESS replacement advisory group to hold first meeting
31 August 2023 Australia
Image: Pixels Hunter/stock.adobe.com
ASX will hold the inaugural meeting of the Cash Equities Clearing and Settlement Advisory Group today, 31 August.
The group, consisting of industry leaders across stakeholder sectors and fields of expertise, has been established to advise ASX’s clearing and settlement boards on cash equity clearing and settlement services operations.
It was founded in July 2023, after ASIC requested that ASX form a high-level industry advisory group for strategic clearing and settlement issues relating to cash equities trading in Australian markets.
This includes the CHESS replacement solution, with the group initially expected to focus on design archetype and appointment of vendors. Following this, other aspects of cash equities clearing and settlement will be considered.
Alan Cameron is the independent chair of the group, a role he began this month.
Helen Lofthouse, managing director and CEO of ASX, says: “The Advisory Group will be a key element of ensuring good governance of critical market infrastructure and will build on other important stakeholder initiatives introduced by ASX this year to build trust and confidence. We continue to closely engage with our stakeholders, listening to them and taking in their important feedback.
“ASX is committed to ensuring that the Group will have the necessary time and resources to properly consider all important matters on CHESS replacement.”
Stephen Knight, chair of ASX Clear Pty Limited and ASX Settlement Pty Limited, comments: “In accordance with the expectations of the regulatory agencies, ASX Clear and ASX Settlement will not make any final decisions on key strategic clearing and settlement issues (including CHESS replacement) until the Advisory Group has had a reasonable opportunity to consider these key issues.
“We look forward to this opportunity to enhance industry consultation in the lead up to the next key milestone for the CHESS replacement project.”
The group, consisting of industry leaders across stakeholder sectors and fields of expertise, has been established to advise ASX’s clearing and settlement boards on cash equity clearing and settlement services operations.
It was founded in July 2023, after ASIC requested that ASX form a high-level industry advisory group for strategic clearing and settlement issues relating to cash equities trading in Australian markets.
This includes the CHESS replacement solution, with the group initially expected to focus on design archetype and appointment of vendors. Following this, other aspects of cash equities clearing and settlement will be considered.
Alan Cameron is the independent chair of the group, a role he began this month.
Helen Lofthouse, managing director and CEO of ASX, says: “The Advisory Group will be a key element of ensuring good governance of critical market infrastructure and will build on other important stakeholder initiatives introduced by ASX this year to build trust and confidence. We continue to closely engage with our stakeholders, listening to them and taking in their important feedback.
“ASX is committed to ensuring that the Group will have the necessary time and resources to properly consider all important matters on CHESS replacement.”
Stephen Knight, chair of ASX Clear Pty Limited and ASX Settlement Pty Limited, comments: “In accordance with the expectations of the regulatory agencies, ASX Clear and ASX Settlement will not make any final decisions on key strategic clearing and settlement issues (including CHESS replacement) until the Advisory Group has had a reasonable opportunity to consider these key issues.
“We look forward to this opportunity to enhance industry consultation in the lead up to the next key milestone for the CHESS replacement project.”
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