RBA governor Philip Lowe, commenting on the appointment of Accenture, said “the review initiated by ASX is an important step in providing assurance that the new CHESS application software will be fit for purpose. The review will then be provided to the Australian Securities and Investments Commission and the Reserve Bank of Australia, and publicly released thereafter.īoth ASIC and the RBA said in a statement that the latest delay to the go-live date was “disappointing”. The ASX said Digital Asset will work with Accenture to complete the review over the next 12 weeks, while testing and technical accreditation with software providers continues. The replacement system is being developed by Digital Asset, which ASX has an equity stake in. The CHESS software enables ASX's registry to manage the settlement of transactions, and the exchange has strived since 2017 to replace it with distributed ledger technology in a bid to cut costs for customers.
The update follows ASX’s announcement this March that the previous April 2023 go-live date would be delayed.
The new clearing house electronic subregister system is now not expected to launch until late 2024. Accenture has been commissioned by the Australian Securities Exchange to review the blockchain-based core system replacing CHESS, as its go-live date has been pushed back another 18 months.