• CHESS Release 1 offers clearing services on a modern platform
• Designed to be sustainable, secure and resilient, able to accommodate higher trading volumes
• Represents a key step in ASX's technology modernisation strategy

ASX has reached an important milestone this morning for their CHESS Project, with Release 1 of the application ready to provide clearing services. All Approved Market Operators (AMO) have advised they successfully connected ahead of market open today. There has been extensive testing as part of the readiness process, and the application will be closely monitored throughout the day. ASX Managing Director and CEO Helen Lofthouse stated that CHESS Release 1 offers clearing services on a modern platform that is designed to be sustainable, secure and resilient, and able to accommodate significantly higher trading volumes. The increased market volatility witnessed in recent weeks highlights the importance of providing resilient infrastructure that can process increased volumes, and CHESS also has the ability to scale further when needed. Release 1 of the CHESS Project is a key step in the execution of ASX's technology modernisation strategy, and the design of the solution chosen will enable further innovation to meet the evolving needs of the market. While successful connections from CHESS users to the new clearing component have been observed, the true test will come from meeting key milestones today including market open and trading, batch settlement, and end-of-day processing. ASX has contingency plans available to address any technical issues that may arise, and will engage with industry participants if needed. Project costs for CHESS Release 1 are expected to be within the previously provided estimate of around $125 million. Work on Release 2, which will provide settlement and sub register services, is progressing, and the industry test environment has been opened to support software providers with readiness activities. ASX continues to work with the industry towards 2029 for the delivery of CHESS Release 2.

ASX is working with the industry towards 2029 for the delivery of CHESS Release 2, which will provide settlement and sub register services.