ASIC and the Reserve Bank of Australia (RBA) (the regulators) note ASX’s announcement on the CHESS Replacement program. ASX’s announcement marks a significant setback to the replacement of critical national infrastructure for Australia’s cash equity markets and now brings into sharp focus the longevity of the existing CHESS platform. As a result of ASX’s announcement and release of the independent report, ASIC and RBA have today provided ASX with a joint letter of regulatory expectations to highlight what is required of ASX Clear Pty Ltd (ASX Clear) and ASX Settlement Pty Ltd (ASX Settlement). In particular the ... (full story)