SYDNEY, July 24 The Australian Securities
Exchange Ltd said on Thursday it will cut fees on
interest-rate futures and over-the-counter (OTC) clearing
businesses for the first time in more than ten years in a bid to
boost trading volumes and to compete better with rival bourses.
The new fees, effective Oct. 1, will lead to potential
savings of 67 percent, or 60 cents per trade, for customers who
deal in more than 2 million opening or closing interest-rate
future transactions and clear more than A$100 billion OTC
interest-rate swaps in a quarter.
ASX said it will also provide OTC clearing fee discounts of
as much as 20 percent for those clients that meet the highest
Derivatives are the largest contributor to ASX revenue,
accounting for A$197 million ($186 million), or 32 percent of
total ASX revenue, in fiscal 2013. Within the derivatives
business, interest-rate futures account for the majority of
Its derivatives revenues would have fallen by about A$17
million if the changes were implemented in the year-to June
2014, it said.
The exchange-traded interest-rate futures market has grown
at a compound annual growth rate of more than 7 percent over the
last decade, ASX said.
At 0106 GMT, ASX shares were down 0.14 percent compared with
the benchmark S&P/ASX200 index which traded 0.11 percent
($1 = 1.0590 Australian Dollars)
(Reporting by Swati Pandey; Editing by Kenneth Maxwell)