The Australian Stock Exchange has reported an annual profit of $434.1 million, up 1.9 per cent from FY2015-16.
The ASX saw its net profit after tax increase by $7.9 million to $434.1 million in the 2016-17 financial year, with earnings up 2.4 per cent to $764.2 million.
The positive result for the stock exchange comes as Dominic Stevens marks his 12th month in the top job.
Mr Stevens said the ASX is continuing to invest in its infrastructure, with a decision on the suitability of a distributed ledger (or blockchain) based replacement for CHESS due by the end of the calendar year.
“Expenses rose by 6.0 per cent to $180.9 million and capital expenditure was $50.3 million, both in line with market guidance,” Mr Stevens said.
“The spending relates to continued infrastructure upgrades as well ASX initiatives such as the new futures trading platform, development work associated with becoming the BBSW benchmark rate administrator, and progress on distributed ledger technology as a potential solution to replace CHESS.”
“The company’s diversified business model and the traction being achieved by initiatives such as Centre Point, the Australian Liquidity Centre and OTC Clearing are providing positive growth momentum.
“I am also excited by the opportunities emerging from other technology-based initiatives, such as DLT and data analytics. In each case, ASX is seeking to provide efficiencies for customers, greater choice for investors; and improve the competitiveness of Australia’s financial markets,” Mr Stevens said.
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