Source: ASX
ASX is pleased to announce that it has today opened the first of the integrated Industry Test Environments for the CHESS replacement project – ITE1.
This is a significant step on the path to go-live of the new CHESS equities clearing and settlement system in April 2023.
ITE1 gives CHESS users (software providers in this instance) their first exposure to ASX’s fully integrated external solution, which includes Digital Asset’s Daml smart contract development capability and VMware’s DLT (blockchain) platform.
ITE1 will open for software providers - third party vendors who supply software to CHESS users as well as those organisations developing in-house systems. The Industry Test Environment - ITE2 - will open for market participants and other CHESS users in April 2022.
Tim Hogben, ASX’s Group Executive for Securities and Payments who is leading the CHESS replacement project, said: “Today’s opening is a significant step on the journey towards the go-live for the CHESS replacement system in April 2023. Together, we’ve entered a new and exciting phase of the project.
“ITE1 allows software providers entry into an integrated test environment, which uses Digital Asset’s Daml smart contract development capability, VMWare’s DLT (blockchain) platform and other infrastructure that underpins the new CHESS replacement system. It will generate valuable feedback for ASX on the state of the new and developing system, with software providers testing functional and non-functional workflows across all connectivity access channels.
“We are focused on providing a rigorous testing environment for ASX and our customers. ITE1 offers a valuable learning opportunity to develop and stress test systems to the highest levels, and enhance the overall resilience of the new infrastructure. Risk management is foremost in our minds ahead of the CHESS replacement platform going live in April 2023,” he said.
Opening ITE1, as part of the CHESS replacement project, is a key pillar in ASX’s strategy to build an exchange for the future and deliver world-leading infrastructure to the Australian market.
Mr Hogben continued: “There is a great deal of interest in ASX’s CHESS replacement project and the ground-breaking technology behind it. As a result, ITE1 will be closely watched by many financial markets around the world as they consider their own long-term technology-upgrade solutions.”