ASX (ASX:ASX) share price slides despite chair spruiking ‘exchange of the future’ message

downward red arrow with business man sliding down it signifying falling asx share price

The ASX Ltd (ASX: ASX) share price is falling lower on Wednesday despite an address from the company Chairman spruiking an “exchange for the future”.

Shares in the share market operator are down 1.3% this morning with the broader market falling lower. The S&P/ASX 200 Index (ASX: XJO) has fallen 1.4% to 7,170 points at the time of writing as the Aussie market followed Wall Street lower.

So, apart from the broader market decline, what should interest ASX shareholders right now?

ASX share price slides despite ‘exchange of the future’ message

Today’s update contained the annual general meeting (AGM) addresses from company Chairman Damian Roche as well as CEO Dominic Stevens.

Mr Roche touted a vision for an “exchange for the future” in his address including the below excerpts:

While FY21 had its share of challenges for ASX, it was a year of significant achievement too.

We must continue to perform our core functions with excellence and adopt new, world-best technologies too. That is exactly what we are doing.

We are also serious about investing in world-leading technology to serve the market for the next decade and beyond. This investment in improved infrastructure helps unlock innovation. It is also vital for our customers and for the reputation, stability and competitiveness of Australia’s financial markets.

It is part of ASX’s goal to transform our technology stack and digitise manual processes to build an exchange for the future. This is a multi-year and multi-project undertaking.

The focus on technology and innovation comes after the November 2020 equity market outage. The ASX share price slid lower after the outage which also led ASIC to investigate its fitness to hold a licence.

CEO Dominic Stevens’ address was also included in today’s update with the following excerpts below:

FY21 marks five years of progressing our strategy to build an exchange for the future.

In many ways, ASX has been investing and evolving its operations for the future for over 150 years – only the technology enabling our business and the breadth of our focus have changed.

Our strategy has seen revenue continue to break new records, and it has also seen expenses increase as we fund the transformation of the exchange.

I would like to thank all our shareholders for your support over the past five years. I look forward to ASX continuing to improve, evolve and build its value in the years to come.

Foolish takeaway

While today’s addresses focused on building for the future, the ASX share price has been under pressure in early trade. Shares in the share market operator have slumped on Wednesday morning in line with broader market movements.

The post ASX (ASX:ASX) share price slides despite chair spruiking ‘exchange of the future’ message appeared first on The Motley Fool Australia.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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