Tata Consultancy Services (TCS) has successfully contributed to Release 1 of Australian Securities Exchange's (ASX's) Clearing House Electronic Subregister System (CHESS) program, marking an important milestone in the modernisation of Australia's critical financial market infrastructure. This is a key step in ASX's digital transformation journey in partnership with TCS.
CHESS is the system used to facilitate the clearing and settlement of trades in eligible financial products. It facilitates the transfer of legal title to securities through the CHESS sub-register and enables delivery-verses payment settlement by transferring securities and cash between buyers and sellers. Release-1 of the CHESS Project delivers the new clearing component.
As part of the ASX CHESS Project, TCS implemented its flagship TCS BaNCS for Market Infrastructure and Quartz Gateway solutions. Together, they deliver a high-performance, scalable and resilient CCP clearing solution for multiple asset classes. The solution supports real-time trade novation and netting and is compliant with industry standards. It provides connectivity to multiple Australian exchanges and supports ISO 15022, ISO 20022 and FIX messaging standards. The solution is hosted in the cloud and has been benchmarked to process more than 20 million trades per day, supporting ASX's future growth with improved resilience and scalability.