CHESS is an integrated clearing and settlement system for ASX-listed equity securities. CHESS provides Clearing Participants with confirmation that ASX Clearing Corporation's clearing house has accepted the trade for novation and therefore, that the particpant's counterparty risk has been effectively transferred, or novated to, ASX.
Derivatives Clearing System (DCS)
DCS is an integrated clearing system used for clearing derivatives traded on ASX Trade. DCS consists of two primary components:
Central Clearing Component (CCC)
Is operated by ASX and maintains clearing information for each participant including their open positions, margin information, accrued interest and details of trades, allocations, give-ups and take-ups.
Member Clearing Module (MCM)
Is provided by ASX to participants and operates within the participant’s office. MCM serves as the participant’s interface to the clearing system and provides the information and functionality necessary for the participant to effectively manage their clearing business. This includes the ability to manage accounts, commissions (including give-up and take-up commissions), trading details, open interest, deliveries, options exercise and assignment activity, cash flow and margin details at an account and product level. MCM only contains information relevant to the individual participant contains no information about other the derivatives activity of other participants.
SECUR provides clearing processing for the derivatives trades generated on ASX Trade24. Similar to DCS, SECUR includes fully redundant host components located in the ASX data centres and gateway modules located at market participant sites.
SECUR provides the processing services associated with clearing house novation of trades, allocation of trade ownership, participant position keeping, SPAN margin calculation, and fee and commission processing. SECUR facilitates automated straight through processing of trades from ASX Trade24, via direct connectivity to participant back office systems.