ASX executive Clive Triance, who leads the securities and payments division, will depart the company in June. This marks the fifth executive change within the market operator in the last 18 months. The Australian Securities Exchange (ASX) operates as a market operator, clearing house, and payments system facilitator. It provides listing, trading, clearing, and settlement services to financial markets.
Triance has been overseeing a key upgrade to the clearing and settlement system, CHESS. The initial version of the CHESS project was abandoned in late 2022 due to various complications. Regulators are currently monitoring the latest upgrade closely. According to the ASX, Triance will leave after the launch of the first release of this upgrade.
ASX chief executive Helen Lofthouse acknowledged Triance’s contributions. She stated that he played a critical role in driving the company’s strategy, particularly in leading the CHESS project, during his two years on the executive leadership team. Lofthouse noted the company is months away from the go-live of Release 1 and continues to collaborate with the industry to finalise implementation, with work on Release 2 proceeding concurrently.
The exchange has commenced an internal and external search to find a replacement for Triance. Lofthouse said Triance had been instrumental in progressing the delivery of the first release of the CHESS project.