TCS and Australian Securities Exchange (ASX) Launch Modern Clearing System with CHESS Release 1

Tata Consultancy Services (TCS) and the Australian Securities Exchange (ASX) have officially gone live with CHESS Release 1 — the first phase of ASX’s Clearing House Electronic Subregister System modernization, focused on cash clearing and settlement.

• Go‑Live Date: April 28 2026 (Sydney | Mumbai)
• Partners: Tata Consultancy Services (TCS) and Australian Securities Exchange (ASX)
• System: CHESS Release 1 — Clearing House Electronic Subregister System
• Focus: Cash clearing & settlement for eligible financial products
• Technology Stack: TCS BaNCS for Market Infrastructure, Quartz Gateway Solutions, Cloud‑hosted architecture, ISO 15022, ISO 20022, FIX standards

What CHESS Release 1 Delivers:

• Modernized Clearing Component: Real‑time trade novation and netting across asset classes
• Resilience & Scalability: Benchmarked for high‑volume processing
• Inter‑Exchange Connectivity: Integrates multiple Australian trading venues
• Compliance: Aligned with global post‑trade standards and CCP requirements

Leadership Commentary:

• Tim Whiteley, CIO ASX: “Release 1 marks a significant milestone in modernizing Australia’s critical market infrastructure.”
• R. Vivekanand, President BFSI Products & Platforms, TCS: “We are proud to have partnered with ASX on their modernization strategy and the successful go‑live of CHESS Release 1.”

Strategic Significance:

Aspect	Impact
Market Infrastructure Modernization	Strengthens Australia’s post‑trade ecosystem and global competitiveness
Cloud‑Native Architecture	Enhances resilience, scalability, and operational efficiency
Cross‑Market Integration	Supports multiple exchanges and asset classes
Future Roadmap	Release 2 targeted for 2029, expanding to securities registration and settlement

Broader Context:

• TCS demonstrates global leadership in market‑infrastructure modernization.
• ASX takes a critical step in its digital‑transformation journey.
• Ensures faster, safer, and more transparent post‑trade operations for Australia’s capital markets.

CHESS Release 1’s go‑live marks a foundational leap in Australia’s financial‑market modernization, combining TCS’s proven technology with ASX’s strategic vision for next‑generation clearing and settlement.