By Michelle Huckel, Policy Manager, SIAA
It’s time for Clearing Participants to get ready to test the introduction of Release 1 of CHESS replacement.
To recap, CHESS replacement will be implemented in two releases. Release 1 will replace the clearing component of CHESS, introduce a more efficient netting process and FIX messaging for trade registrations for all Market Operators. The scope of Release 1 includes ensuring backwards compatibility creating an internal ASX interface to transfer CHESS External Interface Specifications (EIS) messages from the new clearing service to the current CHESS system, for onward routing to Clearing Participants. This backwards compatibility aims to minimise disruption for Clearing Participants by maintaining the existing CHESS message interface and business processes, maintaining a familiar operational environment.
Clearing Participants are required to undertake regression testing of the backwards compatibility of this message interface to ensure that they will continue to receive all downstream EIS messages generated by CHESS as before.
ASX released the CHESS Release 1 Clearing Regression Test Guide on 27 June 2025.
This Guide provides an overview of the purpose, approach, scope and mandatory scenarios required to be completed by Clearing Participants in the Clearing Regression phase of CHESS Release 1. The Guide is intended for technical and operational staff of Clearing Participants, software vendors and Settlement-Only Participants supporting Clearing Participant testing, as well as AMOs. In addition to the Guide itself, ASX also released the Test Kit and SFTP Application Form, Test Trade File Template and Clearing Participant Attestation Document, all of which are specific to CHESS Release 1.
The Clearing Participant Regression Testing window is expected to kick off in October 2025 and will remain open until late February 2026.
ASX is targeting a Release 1 go live date of late April 2026.
