Revenue for the nine months to 31 March 2003 was $154.5 million, compared with $149.51 million for the corresponding nine months to 31 March 2002, an increase of 3.3%.
Operating Performance
Daily average equities trades for the period were lower than for the corresponding nine months (52,339 compared with 55,106). The average revenue per trade for the nine-month period increased to $5.70 compared with $5.37 for the corresponding nine months to 31 March 2002.
There were 66 new listings recorded during the period, compared with 62 for the previous corresponding nine months.
Daily average options contracts continued to increase, reaching 67,666 compared with 55,534 for the previous corresponding period. The average revenue per contract for the nine-month period was $1.57 compared with $1.60 for the previous corresponding nine months.
During April 2003 there has been an improvement in the level of daily equities trades. Currently the daily average for April 2003 is nearly 58,000 for equities, or 60,000 including warrants and interest rate securities trades. Daily average options contract volumes remain above 62,000 during April 2003 and above 67,000 for the financial year to date. This trend augurs well for an improved level of activity during the final quarter, consistent with the experience of previous years. It remains impossible to accurately forecast the future level of market activity despite a compound rate of growth during the past decade of approximately 20% per annum.
The number of new warrant series listed during the period was 901, compared with 1,427 listed during the previous corresponding nine months. Total warrant series listed at the end of the period were 1,161 compared with 1,226 as at 31 March 2002.
Strategic Initiatives
There continues to be modest growth within the equity futures business for ASX2. In particular the listed property trust index futures are showing signs of increased activity. Shortly agricultural futures will be added to ASX futures. This gradual increase in volume is consistent with previous experience in new derivative products both for ASX and other international markets. Further new products will be added progressively.
ASX has reached an all-time high ranking of 8th in the MSCI global index with a weighting of 2.10%. This increase reflects the continued outperformance of Australian markets relative to other developed markets and now places Australia ahead of Netherlands, Italy and Spain and closely behind Germany and Canada.
The listing of Gold Bullion Limited redeemable preference shares on 28 March 2003, in close consultation with the World Gold Council, marked a world-first initiative for ASX. The securities (ASX code: GOLD) offer investors an unhedged exposure to physical gold through ASX's market infrastructure.
Quarterly Results Summary
| Factor |
Actual
9 |
Actual
9 |
| Operating revenue excluding interest ($m) | 154.5 | 149.5 |
|
Operating
profit after tax and equity accounted |
46.0 | 43.4 |
| Number of new listings | 66 | 62 |
| Number of listed entities | 1,511 | 1,496 |
|
Equities
trading, clearing and settlement: |
10,049 | 10,470 |
|
Equities
trading, clearing and settlement: |
52.3 | 55.1 |
|
Equities
trading, clearing and settlement: |
$5.70 | $5.37 |
|
Options
trading, clearing and settlement: |
12,992 | 10,551 |
|
Options
trading, clearing and settlement: |
67.6 | 55.5 |
|
Options
trading, clearing and settlement: |
$1.57 | $1.60 |
|
Warrants: |
90.1 | 1,427 |
|
Warrants: |
1,161 | 1,226 |
Daily volumes for equities trades, options and futures contracts and warrant trades are available on ASX's website www.asx.com.au (Market Statistics section).
1 These revenue figures now include revenue for Orient Capital, previously excluded in this analysis.
2 The futures market is operated by ASX Futures Exchange Pty Limited as holder of a futures license, a wholly owned subsidiary of ASX.
