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Market Capital
$5,818 million
ASX Limited (ASX, or Australian Securities Exchange) operates Australias primary national securities exchanges. These include the provision of securities exchange services, derivatives exchange services, central counterparty clearing services, and registry, settlement, and delivery-versus-payment clearing financial products and associated ancillary services. It also provides market data services and investor education courses. ASX merged with SFE Corporation, Australias major exchange for commodity and non-equity derivatives, in July 2006.
Company Strategy
ASX says its goals are to build the franchise and reputation of the group by leveraging its platforms, growing international distribution and diversifying its revenue streams, all while preserving the regulatory soundness of the markets and facilities it operates. The strategy is to balance efficiency and effectiveness in internal business and regulatory processes, without confusing a strong cost management culture with the need to reinvest. ASX aims to invest in and remunerate its most valuable assets - its staff - while administering and upgrading its technology so that service to customers remains operationally robust and internationally comparable in terms of functionality, latency, capacity and reliability. ASX sees market supervision as a core business. With government approval for alternative trading platforms imminent, ASX is rolling out its competitive response. ASX reported NPAT down 8.2% to $171.92m for the half-year ended 31 December 2008. Revenue from ordinary activities were $454.17m. Diluted EPS was 100.3 cents compared to 109.4 cents last year. Net operating cash flow was $204.86m compared to $210.69m last year. The interim dividend declared was 90.4 cents fully franked compared with 98.5 cents last year. The decrease in NPAT was caused by turmoil in financial markets globally and the slowdown in the Australian economy. The slowdown in operating revenue in 2H08 has continued throughout 1H09 as financial markets continued to decline globally, companies rapidly deleveraged and business and consumer confidence fell. |
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