.jpg)
Key points
- ASX will reassess all aspects of the CHESS replacement project following completion of an independent review, conducted by Accenture, and its own internal assessment.
- The independent report identifies significant challenges with the solution design and its ability to meet ASX’s requirements.
- Current activities on the project have been paused while ASX revisits the solution design.
- Current CHESS remains secure and stable, and is performing well. ASX will continue to invest in its capacity and resilience.
- The CHESS replacement capitalised software will be derecognised in light of the solution uncertainty, resulting in a charge of $245-255 million pre-tax ($172-179 million after tax) in 1H23. This will have no impact on dividends.
- A Project Director with extensive technology transformation experience has been appointed for the next phase of the CHESS replacement project.
- ASX remains committed to providing the best long-term clearing and settlement solution for the Australian financial market.
Click here for full details.
