enticing more companies to list locally - 26th September
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company behind the Australian stock exchange believes
it has found the global 'sweet spot' for attracting
companies to list on the local market.
ASX topped global exchanges in 2016 with 133 new listings,
outstripping giants like New York's NASDAQ exchange
by 42 new listings and its nearest competitor, the
Hong Kong exchange by 18 listings.
executive Dominic Stevens said Australia is becoming
an attractive capital raising destination for technology
firms and offshore companies.
is developing what we see as a global 'sweet spot'
- that is, listing companies in the $50-$500 million
market cap range, underpinned by our market's liquidity,
our contemporary rules and guidance, and the quality
of our corporate governance standards,' Mr Stevens
told the company's annual general meeting.
ASX attracted 40 new technology companies in the last
financial year, and the tech sector is now the exchange's
third largest, with over 200 listings.
attracting a mix of large companies like MYOB and
WiseTech, and many smaller high growth companies from
home and abroad, such as Catapult and Afterpay,' Mr
the last three years the ASX has also listed 100 foreign
companies - including 39 in 2017 - from countries
including Israel, Singapore, the US and Germany.
chairman Rick Holliday-Smith said the ASX ranks around
the middle of the global top ten on a 'dollar raised'
punch above our weight,' he told shareholders.
Stevens said the CEO of a recently listed Israeli
company ultimately went with the ASX because of the
complexity and red tape of other exchanges, calling
the ASX 'just right'.
company listed on our single, main board; there was
liquidity and a knowledgeable analyst community; and
in the words of the CEO, the process was more straight-forward,'
Mr Stevens said.
shareholders unanimously approved an increase of the
cap on ASX's pay for its non-executive directors,
from $2.8 million to $3 million, in response to an
increase in the number of ASX directors from nine
to ten, and changes to directors' responsibilities.