ASX Limited has confirmed that CHESS Release 1 is operational and ready to provide clearing services following market open on 20 April 2026. All Approved Market Operators successfully connected to the new system ahead of trading, marking a significant achievement for the ASX’s technology modernisation strategy. The clearing component cutover represents a major milestone in the long-running CHESS Project, which aims to replace the exchange’s aging infrastructure with a modern, scalable platform.
The successful deployment of Release 1 carries meaningful implications for ASX shareholders and the broader market. The new clearing system is designed to handle significantly higher trading volumes and offers improved sustainability, security, and resilience compared to the legacy infrastructure. ASX Managing Director and CEO Helen Lofthouse highlighted that recent market volatility demonstrates the critical importance of robust infrastructure capable of processing increased transaction volumes. The CHESS upgrade positions the ASX to maintain its competitiveness and handle future demand without capacity constraints.
The two-release approach adopted by ASX reflects a strategic recalibration of the project following its reset. Release 1 focuses exclusively on clearing services, while Release 2 will deliver settlement and sub-register capabilities, scheduled for completion by 2029. This phased delivery methodology reduces execution risk and allows for measured change implementation across the market. The testing regime preceding go-live was extensive, with ASX maintaining contingency plans to address potential technical issues. The company opened its industry test environment on 30 March 2026 to support software providers in preparing for these changes.
From a financial perspective, CHESS Release 1 project costs are expected to remain within the previously estimated budget of approximately $125 million. This cost control, combined on-time delivery, demonstrates disciplined project management after the earlier challenges that prompted the reset. Investors should view this as a positive indicator of ASX’s ability to execute major technology initiatives effectively.
The immediate focus now centres on confirming stable operation through critical go-live milestones throughout 20 April, including normal market open, trading commencement, batch settlement, and end-of-day processing. ASX will provide performance updates via its system status page should issues arise. The company has explicitly flagged that it maintains contingency plans and will engage with industry participants if activation becomes necessary. Success across these early operational tests will be essential for establishing confidence in the new platform and validating the broader technology modernisation strategy. Investors should monitor ASX’s communications closely over coming days and weeks to assess whether Release 1 performs as expected under real trading conditions.
This announcement has been designated as price sensitive and flagged as material by the ASX.
View the full ASX announcement (PDF)
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