ASX’s recently decided to create a dedicated technology division sparking this new hire
ASX, the Australian Securities Exchange, has announced the appointment of Tim Whiteley as Chief Information Officer (CIO), effective from July 1, 2023. In his role as CIO, Whiteley will oversee the enterprise technology functions, technology and data security, data governance, technology infrastructure, and the delivery of ASX’s multi-year technology modernization program. ASX’s CEO, Helen Lofthouse, expressed confidence in Whiteley’s abilities, citing his extensive experience in business and technology roles within the Australian financial services sector.
Whiteley previously led the ASX’s CHESS Replacement Solution Design work, which began in November 2022 after the decision to reassess the CHESS replacement project. Lofthouse emphasized that Whiteley’s appointment ensures continuity in technology leadership for the CHESS replacement initiative. While continuing to lead the CHESS Replacement Solution Design team, Whiteley will establish a new leadership structure for the program and assume responsibility for its technical aspects.
The appointment of Whiteley follows ASX’s recent decision to create a dedicated Technology division, separating the Group Executive, Technology and Data, and CIO role. Dan Chesterman will continue in his role as Group Executive, Technology and Data, focusing on developing ASX’s enterprise data capability and growing the customer-facing Technology and Data business.
In addition to the CIO appointment, ASX announced updates to the eligibility criteria for its CHESS Replacement Partnership Program. The program aims to recognize industry cooperation on the project and allocates a total of $US70 million. ASX has revised the eligibility criteria based on stakeholder feedback, particularly considering entities developing multiple applications that will connect and interact with the CHESS replacement solution. Consequently, the proposed initial payment from the Development Incentive Pool has been increased to up to $US20 million from the previous $US10 million.
ASX hosted an industry webinar in May to share the revised eligibility criteria with CHESS users and stakeholders. The Partnership Program comprises a Participant Rebate Pool of $US15 million, to be paid to clearing and settlement participants in August 2023, and a Development Incentive Pool of up to $US55 million for stakeholders meeting the eligibility criteria.
ASX’s CHESS Replacement project is progressing, with RFPs (Request for Proposals) issued to potential vendors and ongoing discussions on solution design, scope refinement, industry testing approach, and implementation options. The Technical Committee, formed by ASX, will continue to play a vital role in gathering input and sharing information with stakeholders as the project moves forward.
