ASX capital raisings fall, derivatives activity climbs

Capital raising activity on the Australian Securities Exchange (ASX) contracted sharply in October, while derivatives trading increased, reflecting divergent activity across the market.

The exchange's monthly activity report shows net new capital quoted fell to $2.5 billion, down from $4.1 billion in October 2025. Total new capital quoted declined to $2.8 billion from $9.4 billion a year earlier, while secondary capital raised dropped to $1.8 billion. Compared with $5.7 billion in the prior corresponding period.

The exchange admitted 15 new entities during the month, up from 14 a year earlier. Among the new listings were Glencore PLC, which quoted $486.6 million, and Wiluna Mining Corporation, at $456.6 million.

Cash market activity was softer by value, with average daily on-market trades reaching $7.13 billion, 1% lower than the previous year.

Derivatives trading, however, recorded stronger activity. Average daily futures and options on futures contracts increased 27% year-on-year, while single-stock options contracts declined 12%. Index options activity was unchanged.

The report also showed reduced activity in over the counter (OTC) clearing, with the notional value cleared falling 20% to $710.99 billion from $891.8 billion in October 2025.

Despite the decline in clearing volumes, average collateral balances increased to $14.5 billion for the month, compared with $12.5 billion a year earlier.

The figures point to a mixed month for market activity, with subdued capital raising and cash market values offset by stronger derivatives trading and higher collateral balances.

The results come as ASX faces mounting pressure to adapt to a changing global exchange landscape, with chief executive Anothony Attia telling the bourse's October AGM it must move beyond traditional market boundaries to remain competitive. Attia, who joined from Euronext in September, flagged developments including 24-hour trading and asset tokenisation as trends that could reshape market operations and customer expectations.

"The ASX must understand these shifts early and consider where a response could create value for customers," he said.