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ASX CHESS replacement delayed again

After advising there was a chance there would be further delays back in March, the ASX has today confirmed the CHESS replacement will not be ready by April 2023.

In an update, the ASX said the April 2023 go-live is no longer viable.

"This decision reflects the delay to the remaining delivery of application software, which no longer gives ASX and CHESS users time allocated to complete their testing and other readiness activities before April 2023," the update said.

The bourse did not advise when the project would be delivered by, instead saying this will be determined after further planning with its technology partner and consultation with stakeholders. It will depend on the timing of project milestones, such as testing, operational readiness, market dress rehearsals and implementation, it said.

"ASX's priority remains to deliver CHESS replacement in a manner that balances safety and efficiency. Ongoing engagement with the industry is a vital ingredient," the ASX said.

The existing CHESS system remains robust and continues to perform, it added.

The CHESS replacement project has been in the works for several years now. It was originally slated to go live in April 2021 and was then pushed to April 2022 before being delayed again to April 2023.

The first delay was announced in March 2020 at the onset of the pandemic. At this time the ASX saw an "unprecedented bursting of daily trade volumes", overtaking previous records by 3.5 million trades - the previous records sat around 0.5 million.

The second delay was announced later that same year, with the ASX saying it increased the scope of the project following industry consultation and stakeholder requests for more testing.

Read more: ASXCHESS