The chief executive of the ASX has reiterated his commitment to innovation as he announced a slight profit increase for the 2014-15 financial year.
ASX recorded a 3.8 per cent increase in profit after tax for the year end 30 June, coming in at $397.8 million.
According to ASX chief executive, Elmer Funke Kupper, “given where we are, everything that we now do is about [looking forward]."
Mr Funke Kupper said the ASX has identified six major objectives including substantiating itself as the global leader in Australian and New Zealand dollar markets.
“We need to build that position by continuing to innovate in what is now a fragmented equity market,” he said.
ASX derivatives and OTC markets saw revenue fall by 0.7 per cent to $206.2 million.
ASX attributes the fall to the company's new fee structure, which affected earnings by $17.8 million in 2014-15. ASX expects the full year impact on revenue to come in at $24 million.
Moreover, the company noted capital expenditure of $44.4 million, largely due to its technology transformation program – expected to improve the exchange's ability to innovate, bring products to market quickly and make it easier for clients to connect to ASX.
However, Mr Funke Kupper said the program is central to the exchange's "way forward".
“ASX is excited by the potential its investment program has to deliver efficiencies to customers, provide product and service innovation, and ensure Australia’s market infrastructure remains world class," he said.
ASX cash market was a bright spot, as revenue increased to $125.2 million, up 6.7 per cent.
Trading, clearing and settlement components grew, attributed to a rise in equity market activity.
ASX also said its new execution services contributed to the result.
According to Mr Funke Kupper, ASX is committed to improving customer service in the future: "This is not just a mantra, it is something we are determined to make real."
Investment house Ausbil has established its new Active Dividend Income Fund, with an aim to generate higher dividend income that is paid to ...
The specialist platform provider has posted an underlying net profit after tax of $17 million for the half year to 31 December 2018. ...
Three founding members of Macquarie’s Asian Listed Equities division have established Stonehorn Global Partners and launched the Hong Kong...