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Showing 1 - 10 of 33 results for "CHESS replacement"

ASX awards settlement, clearing mandate

KARREN VERGARA  |  MONDAY, 20 NOV 2023
... that will deliver a product-based clearing and settlement solution so it can proceed with the next phase of the CHESS replacement. The bourse has entered into an agreement with Mumbai-based TATA Consultancy Services (TCS) to deliver clearing and settlement ...

ASIC, RBA set high expectations for ASX

KARREN VERGARA  |  WEDNESDAY, 30 AUG 2023
ASIC and the Reserve Bank of Australia (RBA) have set out high expectations for the ASX to get the CHESS replacement right, forcing it to consult on all matters on the CHESS replacement with the newly established oversight body. In a joint letter, the ...

ASX profits hit by CHESS setbacks, acts on review findings

ANDREW MCKEAN  |  THURSDAY, 17 AUG 2023
The ASX reported a 37.6% plunge in statutory net profit to $317.3 million, largely weighed down by hefty CHESS replacement costs. The securities exchange finished the financial year with an underlying net profit after tax (NPAT) of $491.1 million, marking ...

ASX appoints former ASIC chair to lead advisory group

CASSANDRA BALDINI  |  THURSDAY, 3 AUG 2023
... group responsible for advising the ASX's clearing and settlement boards during their efforts to rectify the CHESS replacement debacle. The ASX said members of its advisory group will include senior leaders who will bring valuable perspectives from ...

Review forces ASX to fix intra-group conflicts

KARREN VERGARA  |  MONDAY, 31 JUL 2023
Another review from the fallout of the bungled CHESS replacement saga will force the ASX to implement 13 recommendations to manage conflicts of interest among its subsidiaries. The review, conducted by Herbert Smith Freehills (HSF), found prevalence ...

UniSuper rides tech tailwinds to strong returns

JAMIE WILLIAMSON  |  TUESDAY, 18 JUL 2023
... UniSuper has more than $1 billion in, the ASX was the worst of the bunch with its return of -19% driven by the CHESS replacement disaster. "The replacement of the CHESS system has been a debacle from the outset, with ASX management over-promising and ...

ASIC to host CHESS replacement roundtable

CHLOE WALKER  |  MONDAY, 17 JUL 2023
ASIC has agreed to host a roundtable to discuss the ASX's CHESS replacement project, attended by industry participants of the bourse's choosing. ASIC proposed the group be independently chaired and "advise on significant strategic clearing and ...

ASX provides clarity on CHESS replacement

CHLOE WALKER  |  THURSDAY, 29 JUN 2023
... on Corporations and Financial Services, the ASX has confirmed no decisions have been made in relation to the CHESS replacement. In a letter to Committee chair Senator Deborah O'Neill, the ASX provided an update on the solution option assessment process ...

ASX lays out five-year plan to restore trust

KARREN VERGARA  |  TUESDAY, 6 JUN 2023
... is a legacy technology there is a risk that some IT assets may not be fully supported by vendors before the CHESS Replacement project is completed," ASIC said. Furthermore, ASIC sees that the growing scarcity of engineers and other technicians to operate ...

ASX CHESS lead to become chief information officer

CHLOE WALKER  |  WEDNESDAY, 24 MAY 2023
... his new role as chief information officer of the ASX. Just last year, Whiteley was selected to lead the ASX's CHESS Replacement Solution Design work, following its decision to reassess CHESS replacement project. In his new role, Whiteley will be responsible ...
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