Section 03 - Data Migration

Context of this Document

The ASX Cutover and Migration Strategy must be read in the context of the ASX CHESS Replacement Technical Documentation (as applicable).

In the interests of readability and comprehension, where a procedure applies only in the context of securities in a listed company, the specific term security has been used instead of the more generic term financial product.

Change History

3.1 Data Migration Scope

The scope of data migration for the CHESS Replacement project can be grouped into two categories:

  • datasets that will be migrated by ASX without impact to CHESS users (such as CHESS UICs, payment facilities, issuers, securities, relationships, active inflight corporate actions and holdings); and

  • datasets that will be migrated by ASX and will require CHESS user actions, which are:

    • accounts and holder details

    • inflight transactions

The table below outlines the different areas and corresponding approach for migration that will:

  1. include all participant-related data (including entities, actors, roles, payment facilities, accounts, holdings and sub-positions, scheduled settlement obligations, etc.);

  2. include all ASX reference data (including calendar, active inflight corporate actions, issuers, securities and share registry relationships, EOD prices etc.);

  3. maintain market integrity and continuity of service; and

  4. enable selected historical data reporting in the CHESS Replacement system.

Area

Require CHESS user action

Area

Require CHESS user action

Account and Holder details

Yes - Data will be migrated by ASX and will require CHESS user actions. Please refer to migration considerations for CHESS users below.

Settlement Instructions

Yes - Data will be migrated by ASX and will require CHESS users actions. Please refer to migration considerations for CHESS users below.

CHESS user UICs

No - Data will be migrated by ASX without impact to CHESS users. No new UICs will be created or removed over the cutover weekend.

Payment Facilities

No - Data will be migrated by ASX without impact to CHESS users.

Issuers, Securities and Share Registry relationships

No - Data will be migrated by ASX without impact to CHESS users.

Active corporate actions events

No - Data will be migrated by ASX without impact to CHESS users.

There is no requirement from ASX for a corporate action black-out period prior to/over cutover weekend.

Holdings and subpositions (inclusive of cum-entitlements)

No - Data will be migrated by ASX without impact to CHESS users.

Historical Data

No - Historical data will be migrated by ASX without impact to CHESS users.

 

3.2 ASX Migration Activity

ASX will migrate all active data from current CHESS to the CHESS Replacement system, including UICs, accounts (HINs), holdings (including sub-positions) and open scheduled settlement instructions.

3.2.1 Accounts

Key characteristics of account migration include:

  • accounts retain the same HIN number;

  • a holder ID (internal system identifier) will be assigned to each holder within a HIN (required for future updates); and

  • Current CHESS 180 character registration details will be converted to ISO 20022 format.

3.2.2 Open scheduled settlement instructions

Key characteristics for open scheduled settlement instructions include:

  • all scheduled settlement instructions will be migrated including net broker obligations, market trades, client side unilateral and bilateral scheduled instructions;

  • for some instruction types in current CHESS, a new instruction type will be applied in the CHESS Replacement system (for example, Net Broker Obligations will be migrated as Novated Rescheduled Instructions); and

  • existing current CHESS transaction ID will be updated noting existing current CHESS transaction ID will form part of the new obligation ID.

3.3 Migration Considerations for CHESS Users

3.3.1 During Cutover weekend

Details on migration considerations during the cutover weekend are provided in section 4.2.

3.3.2 Prior to Cutover weekend

ASX is working with sponsoring participants to identify any exceptions with HIN registration details. This includes providing guidance on remediation directly with effected sponsoring participants to remove dormant accounts, correct invalid country codes and remove references to invalid terms in account designation. In addition, ASX has provided the Registration Details Tool (RDT) to assist with the conversion of current account registration details to the new account registration details. Additional information on the Registration Details Tool may be found on Registration Details Tool.

3.4 Inflight Transactions

Details on inflight transactions are provided in Cutover and Migration - Inflight Transactions.

3.5 Corporate Actions

Details on corporate actions for migration are provided in Cutover and Migration - Corporate Actions.