CHESS Replacement Scope

Table of Contents

Day 1 New Business Requirements

The table below provides the confirmed implementation schedule, as outlined in October 2020 in ASX’s response to consultation feedback.

This table provides CHESS replacement stakeholders with an up-to-date view on Day 1 scope on the Technical Documentation confluence website.

For further information regarding availability of technical documentation and subsequent code drop into the Customer Development Environment in relation to these new business requirements, refer to the Deferred Scope for Consideration Post Day 1.

Implemented on Day 1
Implemented Post Day 1
Separate to CHESS Replacement
Account information:
  • Additional investor information
  • Centralised data capture and storage
  • Standardised registration details

Pre-settlement:

  • Settlement lock for CHESS holdings
  • Bilateral transaction matching (other than pre-matched status)
  • Additional preliminary payment notifications

Settlement:

  • Settlement message enhancements (other than opt out for certain messages)
  • Linking bilateral settlements
  • Non-batch DVP bilateral settlement

Reporting:

  • Electronic provision of holding statements and notifications

Corporate actions

  • Electronic DRP and BSP elections, DRP enquiry

Account information

  • Aggregated view of holdings
  • Common investor number

Pre-settlement

  • Bilateral transaction matching (pre-matched status only)
  • Single access point to validate SRNs
  • Settlement lock for issuer sponsored holdings
  • Transfer of novated equity transactions between CPs

Settlement

  • Settlement message enhancement (opt out for certain messages only)
  • Settlement in foreign currencies
  • Optional early client settlement
  • Auto-borrow

Corporate actions

  • Electronic processing of dividend claims
  • Electronic proxy voting
  • Transfer of cum entitlement balance
  • Electronic acceptance of entitlement offers
  • Electronic payment for entitlement offers

Reporting

  • Continuous holding balance information

Participant structures

  • Participant models for clearing and settlement services

mFund

  • Real time cash settlement, 'hold' status and transfer capability
  • Sharing of investor details and automation of regular payments

Corporate Actions STP Phase 2

  • Electronic single access point for corporate action event info
  • Transparency through the life cycle of corporate actions
  • Standardised DRP and BSP elections
  • ISIN for entitlement in non-renounceable rights issues
  • Spin-offs involving entitlements in securities in foreign jurisdictions
  • Share purchase plans
  • Review deferred settlement trading processes

ASX business as usual

  • Transfer between sub-registers - custodian offer-market transfers
  • Corporate actions - takeover offers



Deferred Scope for Consideration Post Day 1

The table below details the CSP capabilities/features that are deferred from Day 1.

Capabilities / FeaturesComment
Electronic acceptance of entitlement offersRefer to: ASX’s October 2020 response to consultation feedback.
Electronic payment for entitlement offersRefer to: ASX’s October 2020 response to consultation feedback.
Transfer of novated equity transactions between CPsRefer to: October 2019 - Documentation Release Notes (Part II)
Settlement lock for issuer sponsored holdingsRefer to: ISO20022 Technical Committee - October  1 - Meeting Minutes (pg. 9, section 4a.)
Optional early client settlementRefer to: October 2019 - Documentation Release Notes (Part II)
Auto-borrowRefer to: ISO20022 Technical Committee - October  1 - Meeting Minutes (pg. 9, section 4a.)
mFund - Real-time cash settlement, ‘hold’ status and transfer capabilityRefer to: November 2019 - Documentation Release Notes
mFund - Automation of regular payments and switching between fundsRefer to: November 2019 - Documentation Release Notes




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