Second CHESS replacement attempt shows ‘past lessons not learnt’

AFR

Second CHESS replacement attempt shows ‘past lessons not learnt’

James Eyers

May 12, 2023 – 4.51pm

History is repeating itself as the project to replace the CHESS drags on, say equity market participants, raising fresh concerns that the ASX’s second attempt to upgrade the sharemarket’s post-trading systems lacks sufficient transparency.

Respondents say this includes failing to bring the industry in on important decisions.

Submissions to a parliamentary committee overseeing the ASX suggested that the market operator had not learnt the lessons of the past, after it botched an initial attempt to replace CHESS last year, and is still being driven by conflicts of interest.

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