4Q26 trading activity

Research evidence excerpt

4Q26 trading activity

Macquarie Equity Research ASX

Key Risks to Investment Thesis Company Description

• Short-term risks to the upside: The Australian Stock Exchange Ltd (ASX) provides stock

Þ Stronger trading activity driving a continued recovery exchange and ancillary services in Australia. The company was

and lifting cash equities revenue above expectations. listed in 1998 following the amalgamation of the six state-

Þ Broader recovery in IPO and secondary issuances could based exchanges in 1987. The main operating activity of the

support listings revenue. ASX is to provide a market for trading equities and derivatives

(such as options, futures and warrants), and the clearing and Þ Improved efficiency leading to technology roadmaps

settlement of ASX-traded securities. Other activities include

tracking ahead of schedule.

listing new entities (including ordinary securities and hybrid

• Short-term risks to the downside: securities) and providing market data.

Þ Slower recovery in interest rate futures volumes.

Þ Higher than expected Opex/Capex pressure.

Þ Further delays to the CHESS phase 2 implementation

timeline.

• In the long term: any inability to compete successfully in

their markets may harm the business. This could be a result

of many factors which may include geographic mix and

introduction of improved products or service offerings by

competitors. The results of operations may be materially

affected by global economic conditions generally, including

conditions in financial markets. The company is exposed

to market risks, such as changes in interest rates, foreign

exchange rates and input prices. From time to time, the

company will enter into transactions, including transactions

in derivative instruments, to manage certain of these

exposures.

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