ASX steals CBA IT exec as CIO

The Australian Securities Exchange has lured a chief information officer from the Commonwealth Bank to take on the same role at its operations.

Dan Chesterman

Dan Chesterman will leave his position as CIO at CommSec and Private Bank to become the CIO at the ASX in September.

He has been with CBA since 2007. Prior to joining th bank he worked as a management consultant with the likes of Accenture and Whittman Hart.

When he begins his new role he will report into ASX chief operating officer Tim Hogben.

“Given his breadth of experience, Dan is a perfect fit for ASX’s business," Hogben said in a statement.

"His extensive domestic and international financial services experience and familiarity with technology infrastructures – from a platform, regulatory and operational perspective – are combined with a unique mix of business and leadership skills."

Chesterman will inherit a big program of IT work. The stock exchange is working through a $50 million, four-year systems overhaul that will replace all the technology underlying its trade and post-trade systems. 

It intends to use blockchain technology as a replacement for its core CHESS post-trade cash equities system.

"I am excited to be joining the ASX Group in September. The ASX is an iconic organisation and is in the midst of a series of substantial and transformative investments in technology," Chesterman said in a statement.

Chesterman replaces Tim Thurman, who left the ASX late last year to return to Canada and a chief digital officer role at Paysafe Group.