ASIC and RBA Acknowledge ASX’s CHESS Solution Design Announcement

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Summary:

ASX, the Reserve Bank of Australia (RBA), and the Australian Securities and Investments Commission (ASIC) have acknowledged ASX's announcement of a solution design to replace the Complex Securities Exchange Settlement (CHESS) system. The product-based solution, recommended by the ASX Cash Equities Clearing and Settlement Advisory Group, is a step towards replacing CHESS. ASIC Chair Joe Longo emphasized the importance of engaging with the market on the detailed design of the CHESS Replacement program with a realistic and achievable timeline for implementation. The Advisory Group will continue to provide input throughout the program. In the coming weeks, ASX will publish a special report on its licensees' portfolio and project management frameworks, and an assessment of those frameworks against internationally recognized standards.