)
Australian share market operator ASX Limited (ASX: ASX) has entered an agreement to sell its 49 per cent interest in e-conveyancing platform Sympli to joint-venture partner ATI Group for a nominal amount, a move that industry figures warn clears the path for rival PEXA (ASX: PXA) to operate as an unchallenged monopoly over Australia's property settlement market.
The disposal follows a decision by the Australian Registrars' National Electronic Conveyancing Council (ARNECC) in March to abandon its e-conveyancing interoperability program after the federal government declined to provide the legislative and financial support needed to proceed.
ASX says the sale will result in an after-tax loss of $12 million, to be recognised as a significant item in its FY26 results.
ASX says it will no longer recognise its share of Sympli's operating losses, which totalled $4.4 million after tax in the first half of FY26, representing 1.7 per cent of underlying net profit after tax.
The loss joins a raft of higher expenses that ASX will bring to account over the next year in a dour market update issued today that led to a 13 per cent slump in the group's share price to $7.78.
The announced divestment of Sympli has drawn criticism from the property settlement sector with Lawlab managing director Ian Perkins saying its represents "a dangerous turning point for competition in Australia's e-settlement market," warning it effectively hands PEXA control of a "$1 trillion settlement pipeline" without competitive constraint.
“When the ASX decides its stake in the only alternative platform is worth next to nothing, it sends a clear message - the market has given up on competition,” says Perkins.
“If Sympli collapses or is weakened further, Australia will be left with a single private operator, PEXA, controlling a $1 trillion settlement pipeline.
“That is an unfettered monopoly and consumers will pay the ultimate price.”
The Sympli sale formed part of a broader business update from ASX today that included refreshed financial guidance and details of an upcoming trial initiated by the Australian Securities and Investments Commission (ASIC).
ASX reported unaudited operating revenue year-to-date to 30 April 2026 of $1.03 billion, up 12.5 per cent on the prior corresponding period.
But the exchange operator also warns that total expenses in FY27 are expected to increase by 18 to 21 per cent, while capital expenditure will grow to $180 million to $200 million, up from the previous range of $160 million to $180 million.
That has led the ASX to adjust its medium-term underlying return on equity target range to between 12 and 14 per cent, down from the prior range of 12.5 to 14 per cent.
The company says its dividend payout ratio is expected to sit at 75 per cent , the bottom of its 75 to 85 per cent target range, for at least the next two dividends.
The exchange operator also confirms that ASIC proceedings against it are scheduled to go to trial on 15 June 2026.
ASIC has accused ASX Ltd of making misleading statements around its blockchain-based settlement project that was eventually scrapped.
)
