ASX needs to push boundaries to compete: AGM

ASX chief executive Anthony Attia told his first annual general meeting (AGM) that the bourse will need to respond to global competition by moving beyond traditional boundaries.

Attia, who arrived from Euronext to lead the ASX in September, said despite Australia having "well-developed" capital markets, developments offshore can quickly reshape the products and services competing in here, so it is important to the ASX to "respond with urgency".

As such, he said the moves toward 24-hour trading and tokenisation are all on the cards to increase competitiveness.

"Markets are extending access, adopting new technology and developing products that challenge traditional boundaries," he said.

"Moves towards 24-hour cash-market trading and some asset tokenisation are global trends that illustrate the pace of change. Markets increasingly operate across borders and time zones, supported by new technology and connected pools of capital.

"These developments may reshape when markets operate, how assets are issued and transferred, and what customers expect from exchanges. The ASX must understand these shifts early and consider where a response could create value for customers."

Moving forward, Attia's focus is to "fix, grow and expand".

"'Fix' is about strengthening our foundations and resilience. 'Grow' creates more value from the infrastructure and relationships we already have. 'Expand' opens carefully chosen opportunities to diversify the business, connecting Australian customers with new markets and offshore customers with ours," he explained.

"Across all three themes, we will remain focused on outcomes. We will assess our progress through the consistency of our delivery, our ability to compete and the sustainable returns we generate for shareholders."

Attia also noted he is committed to serving in the position for the longer-term, noting he had already built a strong personal connection to the country.

"On a personal note, I moved to Australia with a long-term commitment to the ASX and the markets it serves. My wife and children are Australian, so I already had a strong personal connection to this country before making the move," Attia said.

"I have spent my entire career in the exchange industry and am deeply passionate about it. I believe in the strength of the Australian market, the potential of the ASX and the importance of its role."

Meanwhile, ASX chair David Clarke highlighted the exchange has reached an inflection point.

"My clear view is that the ASX has reached an important turning point. We did not get here through one action or one appointment, but through several years of confronting difficult issues, making important changes and rebuilding key foundations step by step," Clarke said.

"At the same time, we are operating reliably and resiliently through a period of exceptionally high volumes and volatile trading. This matters because we are stewards of critical market infrastructure at the centre of Australia's financial markets, on which millions of Australians depend on every day."

Clarke said the ASX has cleared through several headwinds in recent periods, including resolving the ASIC litigation that was brought forward following a misleading statement relating to CHESS, adding that shareholders can take confidence from the progress.

"We established the Corporate Governance Advisory Group and published new corporate governance principles for consultation; we delivered CHESS Release 1 successfully... and we announced a chief executive transition," he said.

"Together, these achievements demonstrate steady, disciplined delivery."

The ASX is currently defending claims submitted by one of its shareholders, Rosherville Capital, alleging that directors and officers breached certain duties in connection with a  CHESS project.