The ASX Limited (ASX:ASX) chairman says the company is ready for rival operator Chi-X, according to a report by The Australian.
At the annual general meeting, Chairman David Gonski said that along with the challenges of change came opportunities for ASX to expand its range of products and services.
Chi-X is due to open for business at the end of October this year, putting an end to the ASX’s monopoly on share trading.
In preparation, the ASX has lowered trade execution fees to entice traders to stay.
Stock trading makes up less that 10 per cent of ASX’s total revenue.
ASX reported a full year net profit of $352 million to June 30, 2011.
