By Jeff Patterson
The Australian Securities Exchange (ASX) has unveiled a new office in Hong Kong, bolstering the group’s presence in the region in a bid to capture additional growth and a deep customer base, according to an ASX statement.
Beginning on October 1, ASX will be opening a new local office in the heart of Hong Kong’s financial district – the office will be headed by ASX’s Asian Business Development Manager, James Keeley. The primary impetus behind the new office is ASX’s desire to maintain a more comprehensive on-the-ground presence to tap into the Asian region.
In addition, ASX’s new office will also look to tap into the group’s direct connection hub in Hong Kong – the hub will help provide connectivity across Hong Kong and Australia’s financial markets community via the Australian Liquidity Centre, which utilizes the ASX Net Global network.
According to Peter Hiom, ASX’s Deputy CEO in a recent statement on the new office, “Asia is the world’s fastest growing economic region and the source of increasing ASX customer flows. The establishment of an office in Hong Kong, coupled with an expansion of our global hub network, reflects ASX’s commitment to Asia."
“Being closer to our customers in the region allows ASX to deliver a more timely, informed and competitive service. We now have points of presence in every region with strong financial markets communities, enabling ASX customers in the world’s major financial centres to access ASX’s products and services,” he added.
The ASX recently reported its full-year results ending June 30, 2015, which saw rising revenues across the board, with the exception of its derivatives and OTC market business. The antipodean exchange also yielded total operating revenues of $700.7 million, up 6.4% YoY. Furthermore, its underlying profit (excluding significant items) also jumped to $403.2 million, which represents a 5.2% increase from the previous year’s results.