Tata Consultancy Services (TCS) has successfully launched Release 1 of the Australian Securities Exchange’s (ASX) CHESS program. By deploying TCS BaNCS and Quartz solutions, the initiative modernizes Australia’s critical financial market infrastructure. This cloud-based system enables high-performance clearing and settlement for multiple asset classes, supporting ISO 15022 and ISO 20022 standards. This milestone marks a key phase in ASX’s digital transformation, with the next release targeted for 2029.
Modernizing Australian Financial Infrastructure
TCS has achieved a major milestone in its partnership with the Australian Securities Exchange (ASX), successfully transitioning the Clearing House Electronic Subregister System (CHESS) to its new clearing component. This implementation, finalized on April 28, 2026, is designed to enhance the resilience, scalability, and performance of Australia’s financial market operations.
Technological Implementation
The solution leverages the flagship TCS BaNCS for Market Infrastructure and Quartz Gateway. By hosting the system in the cloud, ASX now benefits from a high-performance platform capable of processing over 20 million trades per day. Key technical capabilities include:
- Real-time trade novation and netting.
- Compliance with ISO 15022, ISO 20022, and FIX messaging standards.
- Seamless connectivity across multiple Australian exchanges.
Looking Ahead to Release 2
The ASX CHESS Replacement Project follows a staged, two-release strategy to manage implementation risks. With the successful go-live of Release 1, both TCS and ASX have already commenced collaborative efforts for Release 2. Industry leaders have highlighted the success of this phase as a foundational step toward driving future growth in Australian financial markets, with further enhancements expected to culminate in a full rollout by 2029.
Source: BSE
