The ASX has outlined 50 new business features that will be delivered via a new distributed ledger technology (DLT) solution that it announced last December will replace CHESS.

In a consultation paper titled CHESS Replacement: New Scope and Implementation Plan, the ASX also seeks feedback from the industry about the timing, testing and transition arrangements for the new system that will clear trades in Australia's equity market.

Migration and implementation plans for the ASX's new post-trade infrastructure cover the next two-and-a-half to three years, with a 'go-live' estimated to be between the fourth quarter of 2020 and the first quarter of 2021.

All dates are subject to completion of system development, stakeholder readiness and regulatory clearance, said the ASX.

"The ‘Day 1’ scope balances the desire for new functionality with the need to deliver the new system in a reasonable timeframe, recognising that further enhancements can be made post-implementation," said a statement by the ASX.

Stakeholders have eight weeks to provide their feedback on the consultation paper, with written submission due on 22 June 2018.