CHESS Replacement Project · 2019-10-25 · Terminology • CHESS users ‒An entity that has...

CHESS Replacement ProjectImplementation & Transition Webinar

25 October 2019

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2 ASX CHESS Replacement I Implementation & Transition webinar I October 2019

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Your Participation

981 169 163

Agenda

1. Connectivity

2. Industry Wide Testing

3. Technical Accreditation and Operational Readiness

4. Migration Dress Rehearsals

5. Attestation

6. ASX Change Control Period

7. Industry Transition and Cutover Timeline

8. Questions

9. Next Steps

Presenters and introductions

Katie McDermottGeneral ManagerEquity Post Trade

Fraser MoodieManager, Connectivity & IntegrationEquity Post Trade

Tim HogbenChief Operating OfficerASX Group

Approach for implementation, transition and cutover2019

2019 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

2020 2021

Customer Development & Testing (in CDE)

CDE 1-5 CDE 6

Industry Wide Testing

Go-Live

Iterative customer development and testing for software vendors and in-house systems connected to CHESS in a dedicated customer development environment

CDE 7 (last code drop)

Technical Accreditation

Operational Readiness

Migration Dress Rehearsals Pre Go-Live

Connectivity

Attestation

> ASX will share an end-to-end timeline by:

• Highlighting the key activities to be performed

• Communicating key milestone dates for industry transition and cutover

Terminology

• CHESS users

‒ An entity that has access to some or all CHESS functionality in production. This includes clearing participants, settlement participants, Product Issuer Settlement Participants (PISPs), Approved Market Operators (AMOs), payment providers and share registries

• Software providers

‒ Third party software vendors or CHESS users who have their own in-house systems, who provide connectivity and software solutions that connect to CHESS

Connectivity

ConnectivityConnectivity design decisions and requirements for industry wide testing and production

2020 2021

CDE 1-5 CDE 6

Migration Dress Rehearsals

Go-Live

Pre Go-Live

Connectivity

Attestation

Connectivity

1. What is connectivity?

There are two main network connectivity options for CHESS Replacement:> ASX Net* (Ledger API, AMQP, Browser, FIX Gateway**)

> SWIFTNet (MI Channel or InterAct)

2. What do CHESS users and software providers need to do?

Must have network connectivity in place prior to the commencement of industry wide testing (IWT) and migration dress rehearsals.

CHESS users only must test and rehearse with the same connectivity channels they plan to use in production.

3. What are the key dates?

All organisations that have ASX Net today, but do not currently use it to connect to CHESS, must validate their network design as soon as possible to ensure CHESS user host systems can connect to ASX Net.

If your organisation requires a new ASX Net installation, please submit an order form to Adam Bradley, adam.bradley@asx.com.au and copy CHESSReplacement@asx.com.au, by 2 December 2019.

* IPSEC connectivity into ASX Net is available for CHESS users and software vendors using iVPN today and subject to ASX connectivity access policy

**FIX Gateway access is available to Approved Market Operators (AMOs) only10

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity – new ASX Net

Connectivity Provisioning

Submit order forms and install new ASX Net connections (if required)2

Provisioning of ASX Net and SWIFTNet connectivity to the test and target production environments

A All new ASX Net installs to be completed

B All ASX Net and SWIFTNet connectivity in place for testing and migration dress rehearsals

Attestation

Connectivity

Industry Wide TestingDetails of testing activities to validate systems, processes and procedures

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

Attestation

ASX CHESS Replacement I Implementation & Transition webinar I October 2019

Industry Wide Testing (IWT)

1. What is IWT?

IWT is the test period that follows development and testing in the Customer Development Environment (CDE).

The test environment for IWT is called the Industry Test Environment (ITE).

ITE provides for three separate activities which can all run in parallel:

> system testing

> technical accreditation

> operational readiness

All CHESS users and their software providers must connect to ITE to complete pre go-live activities.

Industry Test Environment (ITE)

1. What is ITE?

ITE is based on production scale infrastructure.

It will be seeded with production reference data e.g. calendars, issuers, securities, end of day prices and User Identification Codes (UICs).

ITE will provide for:

> functional and non-functional (e.g. performance) testing

> connectivity with AMOs

> ability to create your own accounts

> end to end settlement flow

ITE will not provide for:

> any production data, directly or masked, relating to personal information*

> ASX trade feed (Signal B) and ASX Reference Point, and connectivity with Derivative Clearing System (DCS)

* CHESS users must not use personal information in ITE

System Testing

1. What is System Testing?All CHESS users, including software providers, will need to validate the system’s functional and non-functional capabilities.

2. What do CHESS users and software providers need to do?Test your system’s functional capabilities e.g. account set-up, pre-settlement, settlement, corporate actions, reporting and mFund:

> plan your test strategy• Most features can be tested on a self-serve basis

• Some features, such as corporate actions and un-netting, will be coordinated by ASX as these cannot be tested on a self-serve basis

> implement your test strategy• Conduct testing for functional capabilities to support your business

• You will have the option to test with other participants / CHESS users. This will not be orchestrated by ASX

Test your system’s non-functional capabilities including (i) connectivity to ITE; (ii) compliance with the new message constructs; (iii) performance testing; (iv) CHESS user failover and recovery.

3. What are the key dates?It is optional to test anytime from 1 July 2020 but you must have started system testing by 1 September 2020.

2020 2021

ITE continues to be available

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

Conduct Industry Wide Testing (IWT) in the Industry Test Environment (ITE). IWT allows for functional and non-functional testing.4

AttestationIndustry Wide Testing

Optional system testing Mandatory system testing

IWT allows for:• Non-functional testing• Functional testing

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

Connectivity Provisioning (ITE & Prod)

Conduct Industry Wide Testing (IWT) in the Industry Test Environment (ITE). IWT allows for functional and non-functional testing

System testing starts Mandatory system testing

Attestation

Technical Accreditation and Operational Readiness

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

Commence Technical Accreditation in ITE - mandatory for all systems connected to CHESS.5

Commence Operational Readiness in ITE - mandatory for all CHESS users.6

Attestation

1. What is Technical Accreditation?Technical accreditation covers both connectivity and messaging:

> Connectivity: testing connectivity, resiliency, performance

> Messaging: demonstrating compliance with new message formats, for example ISO 20022, FIX and Ledger API commands

2. What do CHESS users and software providers need to do?Only software providers must be technically accredited.

If you are using a software provider, or you plan on using the browser, you do not need to separately technically accredit.

3. What are the key dates?Technical accreditation:

> Connectivity accreditation period is available from 1 July 2020 until 30 September 2020

> Messaging accreditation is available from 1 July 2020 until 31 October 2020

Connectivity accreditation must be completed prior to messaging accreditation.

1. What is Operational Readiness?

Operational Readiness is where CHESS users will need to demonstrate operational procedures and technical configuration using accredited software.

The scope will be appropriate to the participant’s / user’s role and services provided.

ASX will provide sample scenarios for CHESS users.

2. What do CHESS users and software providers need to do?

CHESS users must provide assurance your operational staff have completed sufficient training.

CHESS users must provide assurance that procedures and processes are updated.

CHESS users must successfully complete appropriate operational readiness testing and migration dress rehearsals.

Operational readiness and attestation cannot commence until systems have been accredited and therefore is optional from 1 September 2020 and must have started by 1 November 2020.

Operational readiness must be completed by 31 January 2021.

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

Commence Technical Accreditation in ITE - mandatory for all systems connected to CHESS

Commence Operational Readiness in ITE - mandatory for all CHESS users6

C All systems successfully Accredited prior to 2nd dress rehearsal

D Operational Readiness to be completed prior to Attestation

Attestation

CDE 7 (last code drop) System testing starts Mandatory system testing

Migration Dress RehearsalsDetails of migration dress rehearsals prior to being ready for go-live

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

Attestation

1. What are Migration Dress Rehearsals?Mimic the production cutover and go-live event in the target production environment with production data.

De-risk the cutover event and build confidence on the activities to be performed.

2. What do CHESS users need to do?Mandatory participation in all planned migration dress rehearsals.

Complete the required activities, per an agreed run sheet, over a rehearsal weekend.

Ensure key staff understand their roles and responsibilities to support the go-live event.

Test communication channels and incident management procedures.

> Dress rehearsal #1 (MDR-1) - 26-27 September 2020*

> Dress rehearsal #2 (MDR-2) - 21-22 November 2020

> Dress rehearsal #3 (MDR-3) - TBA February 2021

* To be confirmed, pending confirmation on AFL Grand Final / VIC public holiday

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

Commence Technical Accreditation in ITE - mandatory for all systems connected to

CHESS5

Commence Operational Readiness in ITE - mandatory for all CHESS users6

MDR-1 MDR-2 MDR-3

Conduct three separate mandatory industry migration rehearsals

MDRConduct Industry Wide Testing (IWT) in the Industry Test Environment (ITE). IWT allows for functional and non-functional testing

Attestation

CDE 7 (last code drop) Mandatory system testing System testing starts

Attestation

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

Attestation

1. What is Attestation?Final confirmation from all CHESS users they are ready for go-live.

Sign-off by an authorised party within your organization.

2. What do CHESS users need to do?> Complete operational readiness

> Prove your strategy for transition activities

> Prove connectivity to target production

> Ensure successful fail-over and rollback plans in place

> Successfully complete the final dress rehearsal

3. What are the key dates?> Attestation must be completed by 2 March 2021.

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

MDR-1 MDR-2 MDR-3

MDRConduct Industry Wide Testing (IWT) in the Industry Test Environment (ITE). IWT allows for functional and non-functional testing

CHESS5

Attestation

ASX Change Control Period

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

If you have planned system migrations, please contact ASX no later than

2 December 2019

ASX Change Control PeriodF

Indicative end ofChange Control Period

If you have planned system migrations or other significant changes to your CHESS configuration during this period,

please contact the Participant Transitions Team at participant.transitions@asx.com.au no later than 2 December 2019

Attestation

Change Control Periodcommences

Industry Transition and Cutover Timeline

2020 2021

CDE 1-5 CDE 6

Go-Live

Pre Go-Live

Connectivity

Support

E ASX Change Control Period commences

If you have planned system migrations, please contact ASX no later than 2 December 2019

F ASX Change Control Period ends (indicative)

MDR-1 MDR-2 MDR-3

CHESS5

Provisioning of ASX Net SWIFTNet connectivity to the test and target production environments

Attestation

Questions

Next Steps

Next StepsImmediate steps following today’s session

1. Review and feedback:

> Webinar recording and slides will be published on the CHESS Replacement webpage

> Provide feedback by contacting CHESSReplacement@asx.com.au – use “I&T webinar” as the subject heading

> Feedback welcome by COB 15 November 2019

> Please nominate two primary representatives to participate in the I&T Working Group

2. Connectivity options:

> For any planned major transformations – get in touch with ASX’s Participant Transitions Team

> Determine your target connectivity for IWT / Go-Live

> Consider timeframes for your connection to ASX Net:• New instances must be ordered by 2nd December 2019

> Key dates for order forms:• ASX Net – available now, please contact adam.bradley@asx.com.au• ITE – available February 2020• Target Production – available February 2020

Next StepsFuture I&T working groups

> Next meeting to be held in November via webinar:

• Date: to be announced; invitations to follow

• Topic: Account migration including new registration standards

> Forward meeting plan will be updated on the CHESS Replacement webpage. Future topics to include:

• ASX response to market feedback

• Technical accreditation, operational readiness, and attestation

• Cut-over weekend activities

> More information will be published on the CHESS Replacement webpage:

• http://www.asx.com.au/services/chess-replacement.htm

Thank you.

Disclaimer

This document provides general information only. ASX Limited (ABN 98 008 624 691) and its related bodies corporate (“ASX”) makes no representation or warranty with respect to the accuracy, reliability or completeness of the information. To the extent permitted by law, ASX and its employees, officers and contractors shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided or omitted or from anyone acting or refraining to act in reliance on this information.

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