Alongside its concerns about governance and culture, the Reserve Bank of Australia has also recognised concrete operational progress at ASX Limited, notably in the exchange's effort to modernise the ageing infrastructure that clears and settles Australian share trades. In its late-August update, the Payments System Board pointed to measures aimed at improving the resilience of CHESS, the system at the heart of cash-equity settlement, and to work supporting the safe delivery of the first release of its replacement. This is the operational side of a story that has been running for years. It centres on the ASX Transformation Portfolio, a substantial remediation program, and on a technology project whose careful, staged rollout is now reaching a critical point.

What the RBA Said

In Media Release 2026-23, dated 27 August 2026, the Payments System Board endorsed the RBA's annual assessment of ASX's clearing and settlement facilities and, within it, highlighted positive initiatives under way at the exchange.

Among these, the Board pointed to measures to improve CHESS resilience and to support the safe delivery of CHESS Replacement Release 1. The emphasis on safe delivery is notable: the RBA's framing prioritises reliability and careful execution over speed.

The Board placed this progress in the context of the ASX Transformation Portfolio, which it described as a substantial remediation program targeting the underlying drivers of the challenges identified in its assessments.

The RBA also reiterated that ASX must maintain robust and independent governance that prioritises the safe and reliable operation of its critical financial market infrastructure, tying the operational work back to the standards it expects the exchange to uphold.

The Key Numbers

CHESS Replacement Release 1 in progress. ASX Transformation Portfolio: substantial remediation program. Annual RBA assessment endorsed August 2026.

What Could Happen Next

With CHESS Replacement Release 1 identified as a current priority, attention will turn to whether it is delivered safely and to what follows in the staged program. The RBA's language suggests it will continue to prioritise careful execution over any fixed timetable.

The ASX Transformation Portfolio is likely to remain the framework through which the exchange addresses both operational resilience and the deeper drivers of its challenges. Because the RBA assesses ASX annually, progress on the replacement project and on CHESS resilience will feature in future reviews.

Market participants can expect continued public reporting on the exchange's infrastructure work, with the regulator watching for evidence that improvements are durable. The safe completion of each release will be a key marker of whether the transformation is on track.

Conclusion

The RBA's latest update recognises that ASX is making tangible operational progress, from strengthening CHESS resilience to advancing the first release of its replacement. This is the remediation and delivery side of a broader story, distinct from the governance concerns the regulator has raised elsewhere. By emphasising the safe delivery of CHESS Replacement Release 1 within the ASX Transformation Portfolio, the Payments System Board is signalling that careful execution of critical infrastructure is a priority. How the staged program unfolds will shape the RBA's view of the exchange in the assessments to come.