Operating revenue (excluding interest and dividend income) for the nine months to 31 March 2004 was $182.3 million, compared with $154.5 million for the corresponding nine months to 31 March 2003, an increase of 18.0%.
Operating Performance
Daily average equities trades (incorporating equities, warrants and interest rate securities) for the period were significantly higher than for the corresponding nine months (69,712 compared with 53,924). The average revenue per trade for the nine-month period was $5.33 compared with $5.70 for the corresponding nine months, reflecting an increased settlement volume rebate. For an average equity trade of $28,000, ASX receives a trading, clearing and settlement fee of $1.85. This reflects the low cost of trading on ASX's market.
There were 130 new listings recorded during the period, compared with 66 for the previous corresponding nine months. This brings the total number of listed entities to 1,598 at 31 March 2004. More than $8 billion in new floats and $22.7 billion from subsequent capital has been raised in the Australian market during the nine months to 31 March 2004.
Daily average options contracts continue to increase, reaching 70,775 compared with 67,666 for the previous corresponding period. The average revenue per contract for the nine-month period was $1.54 compared with $1.57 for the previous corresponding nine months.
The number of new warrant series listed during the period was 1,648, compared with 901 listed during the previous corresponding nine months. Total warrant series listed at the end of the period were 1,838 compared with 1,161 as at 31 March 2003. The significant increases in new warrant product issuance follows pricing initiatives undertaken by ASX in November 2003.
Other issues
The process to appoint a successor to Richard Humphry is on track and an announcement is expected by the end of this month.
Resolution of issues associated with the proposed split of the National Guarantee Fund continues. Most recently, legislation providing that no tax consequences arise from a payment from the fund to Australian Clearing House has passed through both houses of Parliament, with the support of the Government and Opposition. This approval followed a report from a Senate Economic Legislation Committee hearing. The process now requires a Ministerial decision on ASX's application to split the fund; tabling of regulations pertaining to the new roles and obligations of the Australian Clearing House and the National Guarantee Fund; and a period of Parliamentary non-disallowance for those regulations.
ASX is finalising its review of an OM system design study that examines the feasibility of moving equities trading from SEATS to a new integrated trading system designed by OM. ASX currently uses OM's Click system for all derivative products traded on ASX markets.
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