The ASX board chose an internal candidate, Helen Lofthouse, to replace Dominic Stevens as the new chief executive of the $16 billion equities market operator.
Helen Lofthouse, the Group Executive, Markets, will be the new chief executive of the ASX.
Replacing the 28-year-old CHESS system with a blockchain-based distributed ledger technology is designed to protect the smooth operation of the $2.7 trillion Australian equity capital market and open up growth options for the ASX.Lofthouse is the first woman to run the ASX since it was founded in 1987 through the merger of all the state based stock exchanges.
Although the ASX has some of the highest gross profit margins of any major listed company at about 70 per cent, it faces a number of challenges to its core business.These include the de-equitisation of the sharemarket caused by a rush of private equity takeovers, a dearth of initial public offerings thanks to the COVID-19 pandemic and no obvious growth opportunities beyond the blockchain-based opportunities from the CHESS replacement.
“We want a CEO who truly understands the operations of the ASX and what this new platform is going to provide to the ASX,” the shareholder said.“That is very much a business orientation including an understanding of the linkages in the markets and the synergies between various players that can be achieved through the blockchain technology.”
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