ASX sees 5.8 percent increase in collateral management activity
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ASX sees 5.8 percent increase in collateral management activity 16 February 2018Sydney Reporter: Jenna Lomax
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The Australian Stock Exchange (ASX) has seen a 5.8 percent increase in the use of derivatives and over the counter (OTC) markets.
The increase in the use of derivatives and OTC, which ASX compared to H1 2017, was due to a rise in futures trading, OTC clearing and collateral management activity. The exchange also saw growth within its Australian Liquidity Centre (ALC).
Overall, ASX saw its net profit after tax up 5.1 percent to $230.5 million in its half year results to 31 December 2017.
ASX also saw its profit increase 5.1 percent, compared to the previous year, to $230.5 million and up 7.3 percent on the first six months of 2017.
A continued success in attracting technology and foreign company listings was among ASX鈥檚 other achievements, as well as the launch of a new futures trading platform, attracting offshore customers.
Dominic Stevens, ASX managing director and CEO, said: 鈥淭he first six-months of the financial year have produced a pleasing result for ASX. We have continued to innovate and invest in initiatives that both develop our core businesses and unlock new growth opportunities.鈥�
鈥淭he market capitalisation of the ASX-listed tech sector has grown 140 percent in the last three years, outperforming the benchmark index. The enhancements to our OTC clearing and collateral services led to rises in activity and customer engagement.鈥�
鈥淎nd the expansion of the ecosystem within the ALC saw an increase in the number of technical services connections, data feeds and hosted customer cabinets (up from 270 to 298). There are now 122 customers in the ALC.鈥�
鈥淭he successful implementation of the new futures trading system (futures contracts traded up 7.9 percent) and ASX鈥檚 administration of the Bank Bill Swap interest rate benchmark also contributed to ASX鈥檚 strong first half performance.鈥�
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