Explained: How the ASX makes its money

The ASX is where most Australian shares are bought and sold, and it is also a listed company in its own right. Here’s how it makes its money, and why regulators have been on its case.

ASX Limited runs the Australian Securities Exchange, the country’s main stock exchange, and is also listed on it.

The exchange was formed in 1987 when the separate state stock exchanges merged. It became a listed company in 1998, and merged with the Sydney Futures Exchange in 2006. It reports in Australian dollars, and its financial year ends on 30 June.

Listings and trading

Companies pay the ASX to list their shares, and pay annual fees to stay listed. It also earns fees when companies raise money by selling new shares.

It earns fees from every trade on its market. It has competition for trading from Cboe Australia, but the ASX handles most share trades.

Clearing and settlement

After a trade, the ASX makes sure the buyer gets the shares and the seller gets the money, through its clearing house and its settlement system, CHESS. It has almost no competition in this part of the business, which makes it very profitable.

It also runs Austraclear, which settles trades in bonds and other debt, and ASX 24, a market for futures, including interest rate futures that are widely used by banks and investors.

It sells market data, such as live share prices, to brokers, banks and media.

CHESS and the regulators

CHESS is more than 30 years old. In 2017, the ASX announced it would replace it with a system based on blockchain technology. It abandoned the project in 2022 after years of delays, writing off about $250 million.

After a series of outages and problems, the corporate regulator, ASIC, held an inquiry into the ASX. Its final report found the ASX had underinvested in its systems compared with exchanges overseas. The ASX has committed to fix this, is spending more on technology, and paid a penalty to settle legal action by ASIC.

Helen Lofthouse left as chief executive in 2026, and Anthony Attia, a former head of Euronext Paris, was appointed to replace her.

The risks

The risks include further technology problems, regulation, competition, rising costs and fewer companies listing on the exchange.

Latest results, as at 9 November 2026

Full year to June 2026, reported 13 August 2026: revenue rose 13 per cent to $1.25 billion, and underlying profit rose 5 per cent to $536 million. Statutory profit fell 3.5 per cent to $485 million, after costs including the ASIC penalty and legal costs. Expenses rose 21 per cent as it invested in technology. It delivered the first stage of its new CHESS system. The ASX paid total dividends of $2.07 a share, fully franked, down 7.5 per cent.

Next update: the ASX reports its half-year results, to December 2026, in February 2027.