Govt urged to take ASX out of CHESS replacement equation

Financial Newswire

Govt urged to take ASX out of CHESS replacement equation

Mike Taylor

5 April 2023

The ability of the Australian Securities Exchange (ASX) to competently deliver on a CHESS replacement has been openly questioned by a competitor in the space, FinClear Holdings, in a cutting submission filed with a key Parliamentary committee.

FinClear has claimed that there are now three options open to regulators in dealing with the CHESS replacement exercise and each of those options involve looking to providers other than the ASX.

Indeed FinClear has gone so far as to recommend that the Council of Financial Regulators step in and redesign the approach (instead of the ASX).

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