The Australian Securities Exchange (ASX) has reported after-tax profit of AU$246 million for the first half of the financial year, up AU$15.6 million from the same period a year prior. Operating revenue for the six-month period was AU$425 million, with earnings before interest, tax, depreciation, and amortisation (EBITDA) increasing 5.6 percent to AU$319.5 million. During the reported period, ASX upped its operating expenses by 9.4 percent to AU$105 million, with the exchange investing in its platform to strengthen its “technological foundations”. “ASX is subject to increasingly complex technology and risk environments,” ASX managing director and CEO Dominic Stevens said in a statement. “Throughout the half, we took steps to strengthen ASX’s operational and technological foundations, which help ensure our resilience and create a solid platform for growth.” Throughout the six months, Stevens said ASX progressed on its core initiatives, including the implementation of the replacement program to its legacy Clearing House Electronic Subregister System (CHESS) platform, the upgrade of its secondary data centre, and the restructure of ASX’s Listings Compliance team. ASX announced in June 2016 that it was building a new post-trade solution using blockchain technology. The CHESS replacement system has been touted as the world’s first industrial-scale blockchain-based system for use in financial services and after being pushed out from its original go-live, is scheduled for the first-half of 2021. “These systems have served the market well over many years. We are replacing or upgrading them with contemporary infrastructure to allow ASX and its customers to take advantage of… [Read full story]
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