Digital Asset Statement on ASX CHESS Replacement Review

Digital Asset is in alignment with findings from the report and supports ASX's decision to commission the Accenture Delivery Review.

November 17,  2022

On November 16, 2022, ASX issued a CHESS Replacement project update to stakeholders stating that the project has been paused while ASX revisits the solution design following an independent review conducted by Accenture. We refer you to the Accenture Delivery Review.

Digital Asset is in alignment with findings from the report, particularly those that highlight the need for consistent business requirements, simplification in the solution design and to appoint a new ASX technology director to steward the project forward.

Importantly, the report notes that Daml is a capable smart contract modeling language that provides flexibility for defining business rules and processes. In addition, it states that the high quality of the code implementation provides considerable efficiencies relative to the current CHESS and is not contributing to the core issues outlined in the report. The dozens of customers we have today using our products, including many operating systemically critical financial infrastructure in production, validate the findings in the report with respect to the capabilities of our technology. 

Executing large-scale implementation projects is extremely complex, regardless of the underlying technology. Just like any project, clear requirements, alignment on the objectives, and manageable milestones with defined success criteria are paramount. 

We support ASX’s decision to commission this study and the next steps for the CHESS replacement program that ASX deems necessary. We will continue to work with ASX and our other enterprise customers to drive the successful innovation and adoption of distributed ledger technologies.

For more detail please refer to ASX’s website and the detailed Accenture Delivery Review