ASX -10.22%: the share market operator hosted an investor day today with the company facing continued delays to the replacement of the aging CHESS system which handles trade settlements. The 29-year-old system will cost an additional is the main driver of a ~12% increase in costs in FY23 and 12-15% growth in FY24 with the company also planning on spending $110-140m in capex next year on technology and regulatory concerns, likely above the previous peak of ~$110m in FY21. Further squeezing the ASX is falling market volumes and listing numbers largely on the back of cautious investors and one of the worst IPO runs in history. The soft update, which included lowering payout guidance, drove shares to a 4 year low today.
MM is neutral to bullish ASX
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