ASX (ASX) Status Update summary

Implementation plan and project timeline

• CHESS Release 2, covering settlement and subregister services, is targeted for implementation in 2029, following extensive industry consultation.

• Release 1, focused on clearing services, is scheduled for delivery in 2026.

• The project is being delivered in two main releases to reduce risk and manage stakeholder impact.

• Both releases will be deployed on cloud-based services, with Tata Consultancy Services and Accenture as key partners.

• Industry feedback supports implementing a shorter T+1 settlement cycle after the CHESS project is completed.

Financial guidance and capital expenditure

• Estimated project costs for Release 2 are between $270 million and $320 million, incurred over multiple years.

• Release 1 costs are expected to reach the upper end of $105 million to $125 million.

• CAPEX guidance for FY25 to FY27 remains at $160 million to $180 million per year, with reductions expected after FY27.

• Existing CAPEX guidance includes both releases, though Release 2 expenditure will extend beyond the guidance period.

Partnership program and stakeholder engagement

• The CHESS Replacement Partnership Program will use its full $70 million allocation, with $37 million remaining to be disbursed based on future milestones.

• Remaining Partnership Program funds will be recognized as significant items in FY26 ($22 million) and FY28 ($15 million).

• ASX emphasizes ongoing stakeholder engagement and industry feedback throughout the project.

• The staged approach and extended timeline are designed to ensure industry readiness and safe delivery.