By David Winning

SYDNEY--ASX Ltd. said the replacement of its CHESS trade settlement system won't go live on April 2023 as it had originally planned.

ASX said the decision "reflects the delay to the remaining delivery of application software, which no longer gives ASX and CHESS users the time allocated to complete their testing and other readiness activities before April 2023."

ASX hasn't fixed upon a new go-live date, saying this will be determined after further planning with its technology partner and input from stakeholders. Among the milestones that the ASX still needs to pass are industry tests and so-called "market dress rehearsals."

ASX had indicated in late March that there was a strong likelihood that it wouldn't meet the original start-date of April 2023.


Write to David Winning at david.winning@wsj.com


(END) Dow Jones Newswires

05-10-22 2009ET