TCS and ASX go-live with CHESS
29 April 2026 Australia
Image: Aerial_Film_Studio/stock.adobe.com
Tata Consultancy Services (TCS) has successfully contributed to Release 1 of Australian Securities Exchange’s (ASX’s) Clearing House Electronic Subregister System (CHESS) programme, marking a milestone in the modernisation of Australia’s critical financial market infrastructure.
CHESS is the system used to facilitate the clearing and settlement of trades in eligible financial products, and facilitates the transfer of legal title to securities through the CHESS sub-register and enables delivery-versus-payment settlement by transferring securities and cash between buyers and sellers.
Release-1 of the CHESS Project delivers the new clearing component.
Tim Whiteley, chief information officer at ASX, states: “Release 1 of the CHESS Project marks a significant milestone in the modernisation of Australia’s critical market infrastructure supporting post-trade clearing and settlement services.
“With CHESS Release 1 in production, ASX is very proud of the outcomes achieved with TCS as our technology partner having deployed a modern, secure, resilient, and scalable solution for the Australian market.
“Leveraging the expertise of TCS and their experience with market infrastructure in other jurisdictions has enabled us to confidently put Release 1 into production and we are progressing with Release 2, targeted to go-live 2029.”
As part of the ASX CHESS Project, TCS implemented its flagship TCS BaNCS for market infrastructure and Quartz Gateway solutions.
Together, they deliver a scalable and resilient central counterparty (CCP) clearing solution for multiple asset classes.
The solution supports real-time trade novation and netting, and is compliant with industry standards.
It also 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.
R Vivekanand, president BFSI Products and Platforms at TCS, comments: “Together, we have smoothly implemented a world class platform that sets a strong foundation to drive the future growth and development of Australian financial markets.
“The rich functionality and straight-through processing capabilities of TCS BaNCS and Quartz establishes our next-generation platform as a leader in the post-trade landscape.
“We now look forward to working with ASX on a similar seamless execution in Release-2.”
ASX is delivering the CHESS Replacement Project in two releases, a staged approach developed in close consultation with industry participants to manage change and reduce implementation risk for critical market infrastructure systems.
With the successful completion of Release-1, TCS and ASX, along with industry participants, have begun work for Release-2 of the CHESS Replacement Program.
CHESS is the system used to facilitate the clearing and settlement of trades in eligible financial products, and facilitates the transfer of legal title to securities through the CHESS sub-register and enables delivery-versus-payment settlement by transferring securities and cash between buyers and sellers.
Release-1 of the CHESS Project delivers the new clearing component.
Tim Whiteley, chief information officer at ASX, states: “Release 1 of the CHESS Project marks a significant milestone in the modernisation of Australia’s critical market infrastructure supporting post-trade clearing and settlement services.
“With CHESS Release 1 in production, ASX is very proud of the outcomes achieved with TCS as our technology partner having deployed a modern, secure, resilient, and scalable solution for the Australian market.
“Leveraging the expertise of TCS and their experience with market infrastructure in other jurisdictions has enabled us to confidently put Release 1 into production and we are progressing with Release 2, targeted to go-live 2029.”
As part of the ASX CHESS Project, TCS implemented its flagship TCS BaNCS for market infrastructure and Quartz Gateway solutions.
Together, they deliver a scalable and resilient central counterparty (CCP) clearing solution for multiple asset classes.
The solution supports real-time trade novation and netting, and is compliant with industry standards.
It also 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.
R Vivekanand, president BFSI Products and Platforms at TCS, comments: “Together, we have smoothly implemented a world class platform that sets a strong foundation to drive the future growth and development of Australian financial markets.
“The rich functionality and straight-through processing capabilities of TCS BaNCS and Quartz establishes our next-generation platform as a leader in the post-trade landscape.
“We now look forward to working with ASX on a similar seamless execution in Release-2.”
ASX is delivering the CHESS Replacement Project in two releases, a staged approach developed in close consultation with industry participants to manage change and reduce implementation risk for critical market infrastructure systems.
With the successful completion of Release-1, TCS and ASX, along with industry participants, have begun work for Release-2 of the CHESS Replacement Program.
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