Good morning, welcome to ASX's financial results briefing for the 12-month period ending 30 June 2021. Thank you for taking part in this virtual presentation. I hope you're safe and well from wherever you're joining us. My name's Dominic Stevens, Managing Director and CEO of ASX. Presenting with me is ASX's CFO, Gillian Larkins. To begin, I'd like to acknowledge that I'm speaking on the land of the Gadigal and Birrabirragal people, and I pay my respects to elders past, present, and emerging. Given the COVID restrictions, Gillian and I are working from our homes, as are all members of our supporting ASX team. This morning, I'll begin with an overview of the result and an update on our strategic progress. Gillian will then take you through the financial detail. I'll then return with some comments around outlook, provide a brief summary, and take questions. Let's begin. As we all know, FY2021 has been eventful and unusual. The trends we saw at the half year, namely a swift recovery post the initial impact of COVID-19 on our economy, interest rates stabilizing at close to zero, equity market volatility, and the increase in retail investors, all continued in the second half. FY2021 was a solid year for most of the businesses within ASX's diversified portfolio. However, as expected, we experienced the effects of the Reserve Bank's unprecedented policy settings put in place to deal with the pandemic. We see the current policy settings as temporary rather than permanent and look forward to these and other pandemic-related changes to our lives returning to normal once vaccination levels reach targets. ASX believes in the importance of sustainable foundations. We've completed a number of programs in recent years to drive operational excellence in all that we do. This work gives us confidence about our resilience and risk management. It also creates opportunities to build new products and services on our contemporary platform. ASX is transforming its technology with a particular focus on our equity technology stack. With the rollout of CHESS in early 2023, we will have fundamentally changed the whole platform that underpins Australia's equity market. The average age of our technology stack will be at levels last seen with the electronification of these processes back in the 1990s. The continued digitization of processes and the use of new and important technologies such as DLT will enable new efficiencies and opportunities for ASX and the market. What's exciting for ASX about having sustainable foundations and new technology is the opportunity created to make business easier for our customers. Feedback so far is encouraging, and with a more contemporary platform, we'll be able to improve the customer experience even further. Putting in place a contemporary operating platform is the bedrock of ASX's ability to continue delivering attractive long-term returns to shareholders, while also providing the financial services infrastructure of the future for the benefit of our customers and industry. I'll now take you to the financials on slide five. These show that ASX posted revenue of AUD 951.5 million, an increase in operating revenue over the prior period, notwithstanding the significant effects of RBA policy settings. This reflected growth in our listings and issuer services, trading services, and equity post-trade businesses. This was offset by a decline in our futures business, driven by lower bank bill and three-year futures volumes. Total expenses were up 8.4% over the period to AUD 310.3 million, in line with our guidance in February. This was driven by the continued transformation of the organization, plus rises in variable costs driven by market turnover. This leaves our EBIT at 1.7% lower at AUD 641.2 million. The RBA's policy settings also had a significant impact on our interest income. With interest rates close to zero and a decline in average margins earned on collateral balances, interest income dropped 44%, from AUD 83.8 million to AUD 46.7 million. This leaves underlying NPAT 6.4% lower at AUD 480.9 million and statutory NPAT lower by 3.6%. The smaller statutory drop is due to a significant item in our FY2020 accounts. Underlying EPS of AUD 2.484 a share was 6.4% lower. With our policy of paying out 90% of underlying earnings, this means total dividends for FY2021 will be AUD 2.236 per share, fully franked. To look at the RBA policy settings in detail. These settings include cash rates set at an all-time low, quantitative easing, yield curve control, and the establishment of a term funding facility. These policies and programs have meant that absolute rates have fallen, margins on liquid assets have fallen, and the volatility of short-term rates has fallen. This impacted on 2 revenue areas in our business. If we take out these effects, I'm pleased with the way the business has performed. With our revenues growing strongly off what was a high base in FY 2020. Trying to understand the effect of RBA's policy settings and the opportunities that a normalization might bring, we've set out on Slide 6 our revenue since FY 2014, indexed to 100 in that year. Our revenues are split into three parts. The revenue purely from short end futures contracts, OIS, bills, and 3-year bond contracts, interest revenue on capital and margins, and all other revenue, which is the thicker line. There are two key takeaways from this chart. Firstly, revenue from our businesses affected by these policy settings has fallen significantly from peak to trough. Interest income has fallen 53%, and short end futures have fallen 35%. Secondly, and importantly, the rest of ASX's revenues have accelerated over the past 2 years and are up 19% since FY2019. Looking ahead, it's encouraging that commentators see a high chance of an unwinding of yield curve control in the medium term. This likelihood, together with the continued strong performance of our other businesses and the ability to leverage the good foundational work over the last 5 years, gives me confidence in the future. I'll now address some of the market drivers of our result on slide eight. Aside from the issues just discussed, the drivers of the business have been positive. In FY2021, we saw our best year for primary capital raisings ever. Importantly, with revenue amortized over 3-5 years, this year's effort, plus the strong numbers from FY2020, will bolster our revenues over the next few years. To give an idea of the value added to the business in FY2021, if we looked at the old cash accounting basis of revenue recognition, FY2021 was 26% ahead of FY2020, and in fact 38% higher than FY 2019. I now look to cash market trading at the top right, although FY2021 came in marginally lower than FY2020, this was still a pleasing result given the record trading volume in March 2020. FY2021 is still well up over 18% on FY2019. In our Austraclear business, we can see that debt issuance has picked up significantly over the last two years. This has come from government, semi-government, and RMBS securitizations. Holdings have increased in size by 13% year-on-year, and close to 30% over two years. The growth in bonds on issue will also help stimulate the bond futures market over the coming years. Finally, at the bottom left, the other big driver of our revenues, futures trading, has reduced due to the impacts on the short end of the rates curve, as discussed. Worth noting that hidden by our overall numbers are the strengths of the 10-year bond contract, up 15%, and electricity products, which are up 46%. Although these are offset by the lower SPI futures volume, this year down 25%, which is consistent with the trend of lower equity index contracts globally. While our FY2021 result reflects the impact of the current policy settings, it follows an extended period of solid, resilient growth. FY2021 is the nineth year in a row ASX has delivered positive operating revenue growth. Looking at our EBIT performance, the strength of our diversification is evident in our ability to deliver a result that almost rivals the prior record year performance, in which the COVID-driven activity levels set new records. ASX pays out 90% of its operating earnings, which has seen a steady stream of franked dividends, and in FY2019, a franked special dividend delivered to shareholders. This policy has led to strong after-tax total returns. I'll now move on from the numbers to an update on strategy. We think of our business in three layers. The foundation is the operating platform. Over the last 5 years, we've improved our sustainable foundations, in particular, transformed our business through technology contemporization. With a modern, flexible, and resilient operating platform, we're able to expand and enhance our customer value proposition with optimized products and services. Finally, ASX looks to leverage its skills and ecosystem into the adjacent growth opportunities that we see. I'll use these three levels to take you through some of the achievements of the past year. To begin, ASX can trace its history back 150 years. We've maintained and grown our position by earning trust for our actions as an organization, striving to provide resilient operations, and supporting the efficiency of our markets. While technology changes the way exchanges operate, these elements remain constants that we seek to sustain. Notable sustainability developments this year include the completion of our first TCFD report, our undertaking to switch to 100% renewable energy in FY2023, which will reduce our carbon emissions profile by over 85%. This will be a significant step forward as we seek to achieve net zero for our scope one and two emissions by the end of FY2025. On the people front, I'm proud to report that we're achieving gender pay equity based on like-for-like roles. As a result of our current operating model review, 45% of my direct reports are women. We've also increased our female participation workforce target from 40% - 45% by FY2025. Risk management is also critical to our ability to serve Australia's financial markets. We remain committed to focusing on and investing in cybersecurity and enhancements to clearing risk systems and processes. Progress continues towards our goal of transforming the technology stack at ASX. This is via the upgrading bolder technology and hardware and the digitization of manual processes. We are also introducing new technologies such as DLT-based systems and a big data platform. The best way to maintain our franchise is to continue to be an innovative exchange at the leading edge of technology. This imperative has become more pronounced since the pandemic and will be particularly important over the coming 10 years. In this rapidly changing world, old technology platforms will find it hard to compete. That's why ASX has a specific strategy to reduce technology debt within the organization. Not only do these investments improve our resilience and lower our business risk, they enable greater efficiency and functionality and faster delivery of products and services into the future. As you can see on slide 11, our stack of key equity technologies, although serving ASX well for many years, was aging. We've upgraded across all levels of the stack over the past 5 years, and with the rollout of CHESS and some related operational databases over the coming 12 to 18 months, this body of work will be complete. There are a number of really important takeaways here. Firstly, this is a significant amount of work nearing completion and is the largest program in ASX's history. Secondly, this quantum of fundamental change is not easy, and making these changes whilst running an exchange at record volume levels during a pandemic creates further challenges. Thirdly, although it's hard to put a value on it, any perusal of this chart shows the significant amount of long-term risk reduction taking place. Finally, in a world dominated by digitizing, which enables businesses to move faster with more contemporary and flexible technologies, these changes create significant future optionality for the organization. Change is not easy, especially for a company with the reach and profile of ASX. Every day, many companies have technology incidents. The easiest way to reduce the risk of them, in the short term anyway, is to not change anything. In the long-term, however, this is a false choice because it creates even more risk. ASX holds itself to a high standard. While we've been undertaking significant change, we've also focused on our resilience. We're sorry for the equity trading outage late last year and regret the disruption it caused. We're also proud of our performance to reduce incidents across ASX by close to 90% over the past 5 years. Our performance over time, not our performance on a day, is the best measure of long-term organizational resilience. As you can see from the chart on the left, we've dramatically reduced incidents over the past 5 years. Even in the last 12 months, this trend has continued. Our focus and the investments in upgrading hardware and software has led to a reduction in outages in our key market systems, as shown by the chart on the right. Our resilience has also been enhanced by the adoption of a continuous improvement approach to incident management. In recent years, we've improved our incident management systems, processes, and policies, as well as adding people and skills. This means for every incident with a customer impact, we conduct a post-incident review. With the benefit of hindsight, all incidents offer learnings about how to improve. Our review of the November 2020 outage has been extensive. It involved engagement with our regulators, our technology provider, Nasdaq, and our customers. We've already taken steps to strengthen our processes and practices in the area of project delivery, governance, risk management, and testing. We commissioned an independent expert review in consultation with our regulators. We expect an update from them shortly. As I close on this part, it's important to note the interaction of these last three slides and to be clear about ASX's long-term goals. These are to reduce our risk and to improve our resilience. This doesn't mean that there will be no incidents or outages in the future, because there will be. What it does mean is that we will continue to apply the appropriate resources, keep our technology contemporary, and learn from our experiences, even when they are painful, to reduce the chance of future incidents. The progress that we've made in reducing incidents and outages over the past 5 years is clear and validates our approach. If I now move up 1 level on the pyramid to growing our customer value, there are a number of proof points over the course of FY2021 and longer-term strategies that are gaining traction. Listings. Our listings business in FY2021 had a particularly strong year. While annual listing fees were subdued due to the low level at which the index began in FY2021, and with an accounting methodology that amortizes the income from capital raisings, listing revenues were still up 3.8% year-on-year. The recovery of the index over the past 12 months and the amortization of FY2021 fees over future years bodes well for this business into the immediate future. This performance has been driven by a long-term strategy of building our capital markets, enabling ASX to develop a broader market in domestic companies, and also attracting companies from around the world to our exchange. This year, we saw 176 new listings + 23 backdoor listings, an increase of 107%. There was strength across the board. We saw the highest number of mining listings since FY2011, 15 healthcare listings, the highest number since FY 2017, 9 new listings from New Zealand, which was a multiple of recent years. ASX has been targeting technology listings over the past 5 years, and pleasingly, we saw 43 listings, the highest number in this area since FY2017. ASX bats above its weight globally in this area, which is good for the technology ecosystem in Australia, as well as being good for ASX and investors. This is underscored by the success of the S&P/ASX All Technology Index, which grew its capitalization by 38% in FY2021 and expanded from 45 to 79 companies. It also reflected in the success of ASX-listed technology names such as Xero, Afterpay, WiseTech, which deepen Australia's position on the global technology map. This is not to say we list everything that comes our way. In fact, ASX rejected 36 listing proposals in FY2021, mostly for the reason of being too early stage. Maintaining high standards is just as important as growing the ecosystem. Our listing success is not confined to listed companies. Listed investment products also saw significant growth in FY2021, with ETP FUM in CHESS growing 53% year-on-year to AUD 98 billion. There were 21 new funds admitted in the year, mainly in the global equity space. We are proud of our performance in this area, and while the market is very buoyant at present, the more important thing is the longer-term trends across this business. Now to derivatives. The derivatives team implemented a range of customer product service and process enhancements over the year. Some of these are detailed, such as changes to Austraclear that make the lives of bond dealers easier, changes to the bond futures tick increments for the roll, and moving the bank bill contract to cash settlement. However, let me focus my comments on two product initiatives launched during the year. Firstly, the five-year bond futures contract. This new contract reflects an opportunity created by the three-year bond rate being subject to yield curve control. The five-year area of the curve is a crucially important one to swap dealers, borrowers, and fixed income managers. Given that the three-year bond yields are being controlled by the RBA, if I need to hedge, what instrument do I use? We saw this issue play out in the early part of the year, when the whole curve moved up violently, only to see the three-year part get dragged straight back to its YCC levels. Anyone who owned long positions in 5-year swaps or bonds and hedged with three-year futures, saw a dramatic movement against them, as shown in the chart. If, however, they had hedged with 5-year futures, they would have seen minimal volatility in comparison. We believe this contract can be a valuable interest rate management tool, and the price activity of the last 6 months affirms our positive view on the long-term outlook for this contract. Our electricity derivatives business is continuing to expand, with volumes growing at double-digit levels for a few years now. ASX has increased its focus on this area. For example, we've introduced five-minute caps to hedge the variability coming from a more renewables-based electricity generation mix. Product innovations such as this are important for our customers as the economy moves towards greater electrification via renewables. We've also put new market-making schemes together for both Australia and New Zealand. We have been working in partnership with the regulators to improve volume, market structure, and transparency. Interestingly, this initiative also is using the DataSphere platform to manage market-making and regulatory data requirements. Another good example of ASX getting closer to its customers in FY2021 is the development of the market data reporting module. This has replaced the previously intensive manual processes for subscribers of ASX real-time market data products. The new online process reduces operational risk for our customers. They now track and confirm their current and historical reporting via the portal, while allowing our data business comprehensive insights on data usage trends and new product ideas. In recent months, we expanded the portal to include data licensing functionality. This facilitates customer onboarding, enabling clients to sign up for an ASX data license via DocuSign, and submit their usage reports all in one visit to the site, thus offering straight-through and seamless customer experience. The team will continue to roll this functionality out to new data usage types over the coming year, ensuring we're prioritizing the customer experience. CHESS. Work continues at pace on the CHESS replacement project. The project is transitioning from the requirements and build phase to the test, integrate, and transition phase. As we speak, the final code drop is being delivered, which includes the extra scale and scope work resulting from the consultation in FY2021. This will be loaded onto the customer development environment in a few weeks, giving software vendors all they need to code and test their application. At the end of the year, the system will be available to these vendors in an end-to-end environment in preparation for a full customer test environment in April 2022. CHESS replacement and our related corporate actions STP Program are removing a number of manual processes from the market. For example, corporate actions STP, which went live in June 2021, uses online forms to reduce operational risk for issuers. It also supports efficiency gains across the industry, as the more accurate, comprehensive information is distributed faster and in the easy-to-process global standard ISO 20022 format. CHESS replacement is also simplifying and digitizing a number of manual processes in the election and maintenance of dividend reinvestment plans. Currently, custodians and investors need to manage their preferences for each DRP via a variety of manual processing options, whether that be mail, email, fax, or online portals, and across multiple registries. Under the new system, CHESS will provide the ability for custodians and brokers to collect their investors' DRP preferences online and have that information automatically routed to the relevant registry. Through this new automated functionality, a process that can currently take days will be done in real time. I'll comment on the progress being made by DLT Solutions and Sympli. Our main focus with DLT is in relation to CHESS, there's also been good progress by the DLT Solutions team. In January this year, we launched the customer Daml Sandpit. To date, we've had over 20 different firms log on and get to know the Daml smart contracting language. Next month, we'll launch our DLT cloud environment, which will be using the same blockchain technology that CHESS will be using. We will first open up a development environment and then have a production capability by the end of the year to support a number of our customers who we expect to go live. One of these customers is KPMG, which is creating and operating the New South Wales Government Building Assurance Solution. At its core, the distributed ledger-based application will deliver a trustworthy index for buildings based on the source and quality of the materials and contractors used in the construction. This will enable interested parties to distinguish between compliant, resilient buildings and non-compliant, problematic buildings. We also have other customers with applications in corporate governance and equity back office process improvement. I also note that Daml and DLT is being used by the Hong Kong Stock Exchange for the Shanghai-Hong Kong Stock Connect, and Broadridge has gone live with the same technology in the U.S., dealing multi-billion dollar transactions on a treasury repo use case. Broadridge, in fact, is also working on a solution for off-market transfers down here in Australia. On Sympli, we've had a positive six months. Interoperability is now a matter of when rather than if, with the New South Wales Government leading the charge to phase introduction of this in the new year. Three banks are connected, and we expect the final major, which is currently testing, to be connected in the next few months. With one banking partner, we're processing standalone mortgage discharges and expected to begin doing this with a second bank in the coming months. We have confidence in our value proposition to win market share given our modern platform, integrated experience, and competitive pricing. With that, I'll hand over to Gill to take you through the financials in more detail. Thank you, Gill. Over to you. Thanks, Dom. As we have stated, our results for 2021 show the full year impact on our business of operating in a low-yield environment. Income derived from our derivatives business, coupled with lower interest earned on our own cash balances, contributed to a drop in statutory profit for the year. This was not unexpected. However, the business was delighted to see the continuation of solid equity trading, the rise in commodity volumes, and the strong number of initial listings for the year, all of which partially cushioned the impact of the low-yield environment. Turning to the financials and starting with the top line, total operating revenue for the full year increased 1.4% on FY 2020. This reflects the continuation of the first half thematic of solid performance by our listings and issuer services business, cash market trading, and equity post-trade businesses, offsetting the decrease in derivatives and OTC clearing revenues. Of note too is the 2% revenue increase in second half 2021 from the first half, primarily through further growth in information services, a strong second half for listings, and the change in rebates payable in our post-trade business. Total expenses for the group increased by 8.4% to AUD 310.3 million due to costs associated with higher volume activity, business initiatives, and Depreciation and Amortisation increasing for the first time in a few halves, with the completion of major projects such as our secondary data center. Moving through the table, the interest income line shows a significant decline from the previous year by 44.3%. This fall was through the decreased earnings rates, with lower revenue from this income stream leading to a decrease in statutory profit after tax of 3.6%. This translated into the same decrease in EPS, with the board declaring a dividend of AUD 1.112 per share for the half. To the revenue results of our key business lines. This slide depicts the four business lines ASX has operated over the last few years. With the recent review of the operating model and realignment under newly appointed group executives occurring over the next six months, we expect to show the repointing of the revenue lines at the first half 2022 results. For this financial year, however, it remains the same as prior years. The growth in listings and issuer services is the direct result of the focus on enhancing ASX as the place to list and raise capital. The year saw an increase in foreign companies on our board, as well as an increase in initial capital raised. The strong equity trading value from 2020 came down slightly in 2021. It was still higher than the long-term average daily cash market trading volume prior to COVID. These conditions have continued to assist all our equity trading offerings across the sub-business areas of issuer services, cash market trading, and equity post-trade services. This activity and the strong increase in demand for index and benchmark information in our trading services business partially defrays the 10.4% decrease in the derivatives business and allows for a 1.4% increase in revenue overall. Our listings and issuer services revenue is 8.9% higher than last year. The majority of this increase is by recognizing this year's amortized income from FY 2020 secondary listing fees and the ongoing growth in our issuer services business, which saw an increase of 23.6% against last year. Our annual listing fee revenue was down 2.7% because of the lower number of billed companies and lower market capitalization from the prior year. Initial capital raised increased by 50.5%, ably assisted by the large increase in listings to 176 entities compared to 83 in the prior year. The revenue increase is not reflected in full this year due to the five-year revenue amortization policy we follow for initial listings. The reverse to this has occurred with secondary capital revenue. Raisings were lower by 11.8% this year due to the elevated prior period comparatives. However, the amortized share of last year's activity contributed to the increase of 14.3% in revenue for FY2021. Issuer services increased by 23.6% due to the heightened equities activity and the items attached to this, including holding adjustments, transfers, and conversions. Moving now to the derivatives and OTC markets business. Our derivatives and OTC markets business has continued to experience a decline in futures volumes since March 2020, when we entered a period of low interest rates. Futures volumes are down 15% due to the low activity in the short-end interest rate market. However, this was offset by a higher average fee through the increase in commodity volumes, up 60% on PCP. This contributed to a decrease in futures revenue, with the value being cleared through the OTC clearing service continuing to come down from first half 2020, reflecting a decrease in OTC revenue. Combined, this led to an overall 11.8% decrease in total derivatives and OTC markets revenue compared to FY2020. Equity options revenue has decreased by 37.3% from FY2020. Equity options volumes continue to decline, with single stock options volume down 13.7% on the same period last year, and index options down 45.9%. In addition, a one-off rebate scheme, the Options Liquidity Growth Program, introduced in the third quarter of the year, further reduced revenue in this line. Our Austraclear business provides settlement, depository, and registry services. FY2021 saw higher registry and transaction activity, with the overall revenue coming in 4.4% more than last year. Total holdings of debt securities remain high at AUD 2.7 trillion, up 13.1% on last year. It is of note that the results of this business also include the performance of our investment in Sympli. Our trading services business result reflects the strength of the underlying business drivers in a year of further market volatility. Although cash market trading revenue came in 5% below last year, with FY2020 being our highest trading year on record, this was still strong enough to partially offset the lower average on-market fee due to smaller contributions from the auction and Centre Point products. Information services saw a strong year, contributing a 10.5% revenue increase from FY2020, assisted by a rise in market data royalties through higher trading activity by retail brokers. Technical services saw a marginal increase, with revenue coming in at 0.9% more than FY2020. This was due in part to growth in hosting and connections, with the number of cabinets up 12.9% and ALC connections up 8.5% on FY2020. This was negated slightly by a decrease in futures connections, with futures gateways down 17.1%, induced by changes to PTRM and to the bond roll tick sizes introduced in the first half of the year. Moving on to our fourth business, equity post-trade services. The equity post-trade service business showed strong growth of 12.8% in total revenue, mainly due to the change in applicable revenue sharing rebates for FY2021 because of the heightened volumes in the second half 2020. This was most notable in the cash market clearing revenue business, being up 8.6% to AUD 71 million, despite a decrease of 3.6% in the value of on-market trades centrally cleared. Revenue from cash market settlement increased by 17.2% to AUD 72.7 million due to growth in transfers and conversions. As previously stated, there was no rebate applicable for the clearing business for this year. AUD 4.5 million is payable from the settlement business compared to AUD 6.1 million in the prior year. Total expense growth for FY2021 has a similar composition to previous years, with an overall increase in FY2021 of 8.4%. The uplift was mainly through the increase in employees. The average full-time equivalent headcount increased to 742 compared to 709 in FY2020. Costs associated with ASX's technology program, including cybersecurity, are seen in the equipment cost line coming in at 20% more than FY2020. As predicted in the first half, the heightened trading activity continued into second half 2021, resulting in the variable cost line 32.1% more than last year. The depreciation and amortization increase of 6% rose in the second half through projects such as the completion of our secondary data center. All these factors combined led to an overall increase in total expenses of 8.4% for FY2021. This slide reflects the full-year expense growth composition for the last four years. It shows the spend required to bolster the technology, risk, and governance foundations of the exchange. The highest cumulative growth over this time has been in headcount. The last 2 years recognize the growth of variable costs connected with market-related activity, the heightened equipment charges that have increased through the upgrade of operation and service capabilities at ASX, and increasing software licenses and costs associated with cybersecurity. The expense guidance for FY2022 is 5%-7%, which includes costs associated with our program of improvement following the equity market outage in November 2020. Total net interest income decreased 44.3% to AUD 46.7 million for FY2021. The near-term expectation is that rates will remain low. It is clear from the results that portfolio returns have declined as maturing investments have been replaced with lower yielding investments. This is evident in the decrease from first half to second half across both group net interest income and net interest earned on collateral balances. The average earning spread on participant balances has moved from 37 basis points to 13 basis points, which when combined with the reduction in the futures client charge from 65 basis points to 45 basis points in the middle of FY2020, contributed to a decrease in overall net interest on collateral balances of 33.6%. Although the increase in average collateral balance to AUD 12.2 billion has definitely negated some of this impact. ASX's balance sheet is strong and positioned conservatively with a Standard & Poor's long-term rating of AA-, and a nominal amount of debt for working capital purposes. Of note, amounts owing to participants were down AUD 462.4 million, reflecting a decrease in open positions held in interest rate and equity index futures. Of note too, has been the growth in the software balance, which is mainly attributable to the increase in capital expenditure in FY2021. Our investment in capital expenditure in FY2021 was AUD 109.8 million, inclusive of CHESS replacement, ASX Trade, and other key projects. CHESS replacement is the largest project. Through the replanning exercise carried out late last year, our technology work program was reprioritized and expanded to fit the demand for increased volumes, functionality, and testing. This extended the capital expenditure associated with the CHESS replacement project over a further two years from the original go-live date of April 2021. We are forecasting our entire CapEx spend for FY2022 to be at similar levels to this year, and have set guidance in the AUD 105 million-AUD 115 million range. Underlying earnings for the second half were similar to the first half, with the strong trading and capital markets activity through the last 6 months, not enough to combat the lower futures revenue and investment spread income. This led to underlying profit after tax decreasing by 6.4%, and to an underlying EPS decrease of the same amount. The board has determined a second half 2021 fully franked dividend of AUD 1.112 per share, contributing to an overall payout of AUD 2.236 per share for the year. This represents a decrease of 6.4% on FY2020. The dividend can be fully funded from retained earnings and represents a payout ratio of 90% of underlying NPAT, in line with our dividend policy guidance. In summary, the FY2021 result reflects the strength of ASX's diversified business. Conditions were mixed, we continue to deliver resilient earnings and invest in technology that positions us for long-term sustainability. This will benefit our people, customers, and shareholders, and the future of Australia's financial markets generally. I will hand back to Dom. Thank you. Okay. Thank you, Gill. Before we move to questions, I'd like to update you on our outlook, including some structural changes in progress at ASX. As you've heard today, ASX is moving into a more technology-based future. In readying ourselves for this, we are refreshing our operating model to ensure our structure best reflects business priorities, supports growth, aligns with our customers, and enhances accountability and delivery. As you can see on the slide, we've retained four business units, but aligned some activities within them more logically. Each divisional head will report directly to me, enhancing accountability at the leadership level. The new structure better reflects the four core services we provide to the markets. Our listings business, focused on pre-trade capital markets of both companies and issuers of products. Our securities and payments business, focused on the administration and servicing of securities and the payments related to those services or other payments such as Sympli. Our markets business, focused on all of our trading activities, from equities to derivatives, including debt, commodities, electricity. Finally, a pure technology and data business, focused on the technical and information services we provide to our customers. In simple terms, what this means is our issuer services and Austraclear businesses have moved into securities and payments, and cash market trading has moved into the markets business. Another important part of the new structure is the creation of an expanded customer function. This aims to improve the end-to-end experience for customers by bringing together our customer-facing operations, communications, marketing, digital, and program delivery activities. This program is not a downsizing exercise. It's about making sure we're best set up to serve the needs of our customers and deliver our significant program of work. Now to outlook. The outlook for our business looks encouraging. Combined with our increasing operational momentum arising from building stronger foundations in recent years, I expect it to be another busy year ahead. We're in our ninth week of working from home in Sydney, where the majority of the ASX team is located. The health and wellbeing of our people is our priority. At all levels of the organization, we're working to keep our people connected and supported through this challenging period. Equities trading is likely to remain robust given the ongoing uncertainty due to COVID, both here and around the world, and because of global economic and geopolitical issues. The listings pipeline currently looks well supported as we continue to see interest from New Zealand companies considering listing on the ASX and a buoyant mining sector. The outlook for interest rate derivatives is evolving and will be driven by the timing of the unwinding of the RBA's current policies. We've already seen the term funding facility close on 30 June 2021. QE purchases have been slowed, and as mentioned, the expectation is that YCC will unwind at some point. Energy derivative volumes will continue to be supported by the transition to renewable energy. Austraclear holdings and transaction volumes should be supported by bond issuance associated with fiscal stimulus, funding, and mortgage growth. Operationally, CHESS replacement is moving to the end-to-end industry-wide testing on its way to go live in April 2023. In a step down from FY 2021, FY2022 expense growth is expected to be between 5% and 7%. While capital expenditure guidance for F 2022 is AUD 105 million-AUD 115 million, aligned with the completion of CHESS replacement, we expect outer years capital expenditure to moderate. In summary, you can see the points there. I think they're reasonably straightforward, and I think we've covered them sufficiently during today's presentations. With that, I'd like now to move to Q&A, where Gill and I can answer your questions. With that, I'll hand back to the moderator. Thank you. Thank you. Your first question comes from Siddharth Parameswaran with JP Morgan. Please go ahead. Good morning, Dom and Gill. Just a couple of questions from me, if I can. Firstly, just on the expense guidance that you've given, 5%-7%, that's certainly a drop from the last couple of years. I was just hoping you could perhaps flesh out our thinking about the outlook from here on. I note that obviously there's been quite a lot of CapEx spend the last couple of years, and I think DLT still hasn't started being amortized. I was just hoping to get a reading on whether we've seen the peak in expense growth or whether there might be some bumps along the way. Gill, I might give that one to you. Yes, done. Certainly there's no doubt that when we go live with our CHESS system, our new one in April 2023, that certainly D&A will start hitting our expense line. We'll come out of the balance sheet, we'll hit the expense line. We obviously have our own five-year plans. We're already looking out that way. I think our view is by sharing with you our total expense next year, 5%-7%, certainly before we do get that hit of CHESS. We feel, we believe we're looking at an expense growth and outer years of going back to similar levels prior to FY2019. As you can see from our expense slide, it really has gone up in 2020 and 2021. We do think we're coming back to a more normalized expense rate that you've seen in the past. I hope that helps you, Sidd. I'd just add to that, Sidd. Just in talking to the medium-term, whatever, if you look at the expense growth, you saw the more pronounced expense growth into FY 2018 and 2019, and it's been moderating, and then as you point out, it's moderated quite a bit this year sort of thing. I feel like we're getting through the hump of that. If you look to CapEx has risen. I was looking at some old numbers the other day looking back. We had similar rises around the time when we did the ALC back in 2011, and that now has gone sideways. As I've said in my comments, I think that then starts to come down after that. I think that the OpEx rise came earlier and is tailing away now, and I think the CapEx rise, we're at our peak and then we tail away from here. If that's helpful. That's helpful. Thank you for that. I could just ask a question just on Sympli. You flagged that there is some momentum there just in terms of getting banks connected, et cetera. You haven't commented on CapEx or further investments that you're going to make on a go-forward basis. You just perhaps just flesh out whether there's need for significantly more CapEx or investments on Sympli from here? There's two things there. One is, I guess that over the last three years, because we've been a little bit hamstrung by the speed of the take-up by the banks because of just the busy nature of the market over the last three years, the investment has probably been stretched out over that period. Now we hope over the course of the next year, we've got those connections happening. We will hopefully start to see some revenue as we actually, particularly as we get to the back end of the year with interoperability being enabled. I think the relationships we have with some of the banks there in looking for better integration and perhaps lower costs means that we can drive those revenues from there. I guess the revenue playing off against costs will depend on how quickly those revenues come in going into FY2022 and FY2023. The other thing I'd say about it, Sidd, it's been interesting over the last number of years. When we started this journey, we were looking at the incumbent, which had a valuation of something like AUD 600 million. That now is a listed entity that has a market cap of something like 5 x that. I think this is a really interesting space. I think that we've got through a whole bunch of the regulatory issues, re-interoperability and others, such that actually we can now hit the market with what we think is a better product, a lower price point, and an ability to move faster with much more modern technology. I think it's been a longer road because I don't think we could have predicted everything from Hayne to AUSTRAC to all of the things that have slowed that connection process. Having got through that over the course of the next few months and then into an interoperability environment, I think, the back end of 2022 and 2023 should be where we see the business start to really come into its own. Just to be clear, it sounds like not a large CapEx spend or investment spend. You're saying that roughly revenues will start coming in offsetting whatever extra investments have been made. Is that the right takeaway? Not for, I don't think for FY2022. I think FY2023, I think you'll see more revenue coming in. Anything you want to add to that, Gill, on the numbers? No, I was nodding because it is a small number, Sidd, and so that's why we don't have it out there. Certainly in FY2023, we expect to see revenue coming through. Okay. Okay. That's very clear. Thank you for that. Just the last question, just are there any changes in average fees that are in any of your segments that we should be considering on a go-forward basis? I know that for us anyway, one of your line items of an equity post-trade, just the lack of the rebate surprised us. I was just wondering if there's any changes that you'd like to flag on fees in any of your different segments. Maybe I'll throw that one, Dom. Sure. Certainly no, at this present time, we don't see that. Things can change as we all saw through COVID. Certainly we had that moment. We froze our fees through the back end of COVID. We're now out of that. Shame to say that when we all still feel we're in COVID, but I think you understand what I'm saying. There's nothing to actually call out at the moment that you should be reflecting. Okay. Thank you. Thanks, Sidd. Thank you. Your next question comes from Andy Chuk with Macquarie. Please go ahead. Good morning, Dom and Gill. The first question is just on CapEx. You promised us that CapEx is expected to moderate in the outer years. Can you provide some color on the quantum of that moderation and what the longer-term expectations for CapEx is? Thanks. We don't give forward guidance out past a year on that. I think what I would say, if I looked out over 5 years or whatever, I would say that the underlying CapEx or the BAU CapEx of the organization is going down. I think slide 11 shows you that if you look at what needed to be done to what has been done from FY2016 to say FY 2022, 2023, you can see that there's not a burning need to be doing enormous fixes there into the future. You can say that's a little bit off the table. There's some work to do on the derivatives side, but I see that as being less. The important thing there is, I think with some of that work, it's actually building on stuff that we've done in the equity market as far as equity databases or perhaps Austraclear, when we replatform that, it would be replatformed onto a CHESS lookalike. That would then be cost-saving as opposed to doing that from scratch. The only thing I then would say into the outlook, and I think this is a theme through the whole, the last 5 years has been about a lot of that foundational change. I think the next 5 years, although there are things to do, the next 5 years are going to be more about customer products and services to then build on that foundational change. I don't know exactly what those things will be in the outer years, but those things will be less foundational, will be much more focused on revenue generation, if that helps you. If we just take that to the side and say, what's the underlying run rate? We've gone up this hill of the last couple of years of the biggest replacement things we'll do, which is the whole equity, not just CHESS, but all the things that sit around CHESS and the equity market. Then I think we're going into a period If you look in the history of ASX, actually, CapEx has gone sideways for, I think CapEx was something like AUD 50 million in 2011. It was AUD 50 million in 2017. I'm not saying it's going back to those levels, but I'm saying that we've got a big spend, and then I think it moderates from there. Just how far back, I don't think we'll be putting that out in results now as to where we'd be in 2023 and 2024. Hopefully that gives you a little bit of the thinking. Yeah. Maybe I can add to that, Dom. I think our view is, as Dom has said, AUD 50 million is probably too low, and especially if we're talking about so many years back. Certainly what we're seeing today would be definitely on the higher side. We can't give you a forward forecast, but you can take out of that what you will. Great. That's very helpful. Thanks. The next question is on the expense guidance, 5%-7% growth into next year. Can you just confirm how much of that growth relates to the improvement costs from the outage and whether those are one-off or recurring? Shall I do that one, Dom? I can do that. Sure. Certainly, there were costs associated with the market outage this year. To be honest, with reparation work, that we see that we need to do in FY 2022. That will be basically the same amount. When you look at that 5%-7%, that does include any extra expenses for the trade outage last year. Sure. Is that a one-year impact, or is there more to come out er years? Oh. I think it's pretty much a one-year impact, yeah. I think so too. Yeah. Yep. There might be, like- Can I help you further? When you see that expense% growth, 8.4%, if you go into the administration line, you'll see there extra increase in expense, that really was the extra work that we had to do on the back end of that outage. Great. That's good color. Just one last one from me. Just with the CHESS holding statements expected to go digital at the end of this year, how should we think about the impact to earnings? That was CHESS, the eStatements? Could you just repeat that question? Sorry, I missed the question. Oh, sorry. I'll repeat it. With the CHESS holding statements expected to go digital at the end of this year, how should we think about the impact to earnings? Thank you. I think maybe, Gill, you can follow up. The issue around digitizing the CHESS statements, a lot comes down to actually the gathering of the email addresses, and obviously with privacy concerns about emails and how they can be used, and people have to sign off for specific purpose or whatever, which means that that's not an easy process. I think that even though the digitization of that thing will start, I think it will take some time for that to get traction for actually people to then send their emails to ASX or their brokers, in fact, them to send it to their brokers, their brokers to send it to ASX, to enable ASX to then do that. I would say probably across this financial year, or across FY 2022, I don't think there would be a significant impact. Gill? No, I completely agree. It's all about uptake, and I think our view is not everyone's going to do that overnight. Slowly as people become accustomed and we can bring them on, then we'll be able to see the impact on revenue. Right now, I think there'll be a slow build-up. Okay, thanks. That's all from me, guys. Peace. Thank you. Thank you. Your next question comes from Ed Henning with CLSA. Please go ahead. Thanks for taking my questions. Firstly, going back to fees, can you clarify what annual fees are coming through this year or expected to come through, and will be any catch-up from any fees that were frozen during the COVID period? Secondly, can you go back and run through the rebates for us a little bit, around levels, especially in settlements? If you do get the volume to come back, will they come back in 2022? Okay. We'll start with the fees. We're not recovering what we froze, that was lost in time, as far as I'm concerned. Now we just come back to normal event of how we look at our fees, which is a nominal CPI increase, obviously in our listing space. Then we certainly review our trading services business each year, comparing with the market and competitive forces. I actually think we're back to normal, if that helps you, with how we've looked at fees in the past. With regards to the rebates, different for clearing and settlement. Obviously, clearing was reduced. Well, put it this way, our total market trader value was down from the highs of last year. What that meant is that from a rebate perspective, there wasn't a rebate because we actually have a share scheme that shares 50% of the growth. That's why it was nil for clearing this year. Settlement different. Certainly, the number of transactions and the level of activity, as you've just called out, Ed, meant that there was somewhat of a rebate, even though it was less than last year, because last year was so high. Going forward, that's interesting. I don't know, Dom, whether you want to take that because that's more about the outlook on trading. No, I think that's right. I think you covered it well, Gillian, in that whereas last year, there was a big jump up and big growth in clearing, which is very much related to cash market trading. The big jump up last year created a rebate. This year, there was no growth. In fact, it went slightly back, so there's no growth in clearing. There's been two jumps in settlement. Settlement again, larger this year than last year, although not as large. The rebate was smaller. There was a rebate effect in there, but certainly not back to effectively zero in the case of clearing. Ongoing, I think we're already at quite sort of raised levels, I guess, in the market. It just feels to me with all going on in the world that the equity market will continue to remain sort of buoyant in its volatility. The secondary thing which probably has pushed settlement a bit harder is the fact that actually there's been a significant amount of retail participation in the market, which means more stock moving around in and out of HINs into entrepot nominee accounts, and back and forth from issuer to HINs sponsored register, that sort of thing. If that continues, that will hold up that market. Okay. That's great. Thank you. Thanks, Sidd. Thank you. Your next question comes from Andrei Stadnik with Morgan Stanley. Please go ahead. Good morning, Dom. Good morning, Gill. I wanted to ask two questions. First question, can you talk a little bit about what the full test of the CHESS replacement plan for April next year, what that test will involve? April next year. Just to give you a bit of a run-up into that. At the moment, the last drop of software into what's called the customer development environment, which is the customers have been in there for 1 to 2 years, testing their software. They've been testing their software against a bunch of releases as it builds to a full system. What they're going to get is the last drop of that, such that they'll have a full system and everything they need. That's in the next few weeks. That will all get put into an end-to-end environment as opposed to a development environment in November. That will be for software vendors to work their connectivity and their interaction with the CHESS replacement software, but in a full end-to-end environment with the full blockchain and the full application. That obviously has testing to go through. There's testing going on now, in the development environment. There is testing then going on and when we get into the, what we call the ITE 1. When we actually go into April, that means basically everyone in a full environment. That should be effectively what is a full enterprise-grade software that people can basically access and do everything they want to do. As far as then testing, you'll note from there is there's actually 1 year to go before actually we get to live. Beyond that point, there is a huge run of accreditation, transition of data, testing of the functionality, testing with transition data, trying to as best get something that can almost mimic a parallel run with what is already there. When we extended out the time period for this project, a lot of that was actually giving more time to this testing piece. Then we go to dress rehearsals in the early part of next year, and all the full connectivity, and effectively we go live from there in April. Thank you. Thank you, Dom. If I can ask a second question also around the CHESS replacement. I think in a recent interview you mentioned that when it does go live in April 2023, you still expect 99.0% of participants to be communicating using an updated messaging standard and 10% coming into the full blockchain connection. Can you talk a little bit about that? The 10% seems a bit low. Do you need more participants and connects through the full blockchain connection in order to unlock potential for further future revenue growth? Yeah. I am not sure where you got that stat from, but yes, I think what I would say is, on day one, there are a number of people who are going live with the full, effectively connecting to the node. I think there is also a number of people who are looking to actually bring that in over time. What I would say to that is that the major expense really and pain of all of this is actually the changeover. Actually, I think a lot of people would are to the point of saying, "We just want to actually get this done. We are changing from CHESS messaging, we are changing to ISO messaging. That is good because basically that is what we do for other things. That makes that easy. From that point, we can actually, once we've bedded that down, we can start thinking going forward. I think at the last half, I sort of talked to this in the fact that there is a big thing to move people onto the system, but once they're onto that, I think what I'd say is the early adopters will get the advantage of, they will hit the ground running on that. I would think that the benefits that they can glean out of that will allow them to move forward and I would imagine others to look at that and think, "This is a technology and a benefit that we also need to have." I talked to Broadridge running a similar, obviously a lot lower volume, instance of this technology and blockchain ledger in the U.S., and certainly over there, the early adopters of that are saying that this actually should be able to save a whole bunch of money for them and actually make their processes more efficient. I think as I said with this is a generational change in technology, and probably when CHESS first went in, it took a while for people to work out how they can make that more efficient and probably were quite manual in the way they used it. You know, 5 or 10 years later, they became a lot more electronified. I think this is just taking it to the next stage. Thank you, Dom. Thanks. Thank you. Your next question comes from Kieren Chidgey with Jarden. Please go ahead. Hi, Dom. Hi, Gill. Hi, Kieren. A couple of questions around some of the revenue line items. Maybe just starting on futures, the average fee per contract moved even higher in the second half of 2021. I'm just wondering, whether or not that's more driven by participant mix shifts that are ongoing, or whether or not there's been some sort of contract mix shift and growth in some of those new contracts at different price levels. Do you want me to have a go or? Yeah. What I would say is, I think you're onto it. I think there's two things. I think there's a little bit less trader inside that, a bit more end user inside that. The second thing I would say is that, whilst you've had the interest rate business see lower volumes, you've seen the electricity or commodity business, which works off different numbers, like the average contract value is, as far as dollars per contract, as far as revenue for us goes, is quite different. That grew something like 45%. I think that probably had a bit of an effect on it as well. Have I got that right, Gill? Absolutely on point. Yep. Okay. Okay. Does that make sense, Kieran? As we see some more of that trading activity come back with yield curve control dropping out, we should, from a mix point of view, from a participant point of view, I should say, you'd expect that fee per contract to start to reduce in how to use. That's right. That's right. The P might come down, but the Q will go up. How about that? Yeah. Yep. Then on that information services, some very good growth there in second half 2021 as well. Just wondering, is that purely all underlying growth in service volumes, or have there been fee changes we should be aware of? Yeah In some of that segments as well? Yeah. We were talking about fees before. We did do a freeze on trading service fee increase in the first half, you might recall. That was something we talked about in the first half. We did increase in the second half, so at the start of the year. When you look at the percentages of increase, certainly sales growth is still high, but it was certainly aided by the increase in prices in that second half. I think- Okay. Yeah, I think it's been interesting, and I guess it's like the buoyancy of the markets over the last couple of years. There's been a little bit of a turnaround in the number of terminals out there, that noticeable change in trend. The other thing is, I think, I had a slide up there in what we're doing in trying to get closer to customers around data, and that goes to the fact that these services were delivered through the terminals. As you would know from where you work, it's less about terminals these days and more about direct feed sort of thing. I think the big change that's happening here is actually ASX has gone from having a secondary relationship with the customer there to a primary relationship with the customer. I've talked about this at previous communications around it allows us a better understanding of what the customer's doing, providing better products and understanding what they're looking for, but also understanding and even the customer understanding that, do they have a license for what they're actually using the data for effectively, or have they actually factored that in? I think there's also a little bit of catch-up in there as well. Just wanted to circle back on an earlier question around CHESS holding statement, mailing revenues. Can you give us a rough feel for what the contribution of that was within the issuer services line this period and beyond 2022? Obviously, you said don't expect too much of a change this year, but I'm just wondering how quickly that revenue, in your eyes, tails off over the medium term. I think one of the important things here, maybe just to sit back and think about is, actually what that is. People look at the service as an envelope, but it's actually, in a lot of ways, it's not. It is actually for retail people, it is an independent, almost like custodian or safekeeping service that actually you're providing to them such that they know what they're being told by their broker is correct. It's effectively the source of truth. I think, what we're thinking about is really, it's not so much about the physical delivery piece, which is the letter. It's about the service that's involved there, which is actually a very valuable service around actually being able to be assured if you're a retail shareholder, actually, that you get a CHESS holding statement because you can prove that what you think you own, that you do own, and you get that from an independent source. I think we think about that in the future as to how the pricing of the arrangement looks. Right. Just a final question, Gill, just on sort of the D&A change sort of coming down the pipe around DLT from 2023. Can you give us sort of a feeling for sort of what period you're looking to amortize that over and how we should start thinking about the potential quantum that we step up? Yeah, sure. Certainly we look at a 10-year amortization timeframe. That will really hit coming into the 2024 period, obviously, because there'll only be a certain amount of months in the year 2023. As I said before, I think you can back solve out of that sort of long range expense profile that I've given you pre-IFRS 16, and hopefully that will help. All right. Thank you. Sorry, can I also add, because we all very much focus on CHESS, but as Dom's already explained, we do have a slew of other projects. We might have 10 to 15 going at any time. They're being run, but also old systems are still popping off. As much as we'll obviously have a 10-year or a one year of the 10-year impact in that first year, other systems will come off too. There is a dynamic there that underplays. It's not the full amount that will be coming through. I think I've just complicated that for you, so I would still go with that long run expense line. I think that's the best way to run it. Yeah. Thanks. Thank you. Your next question comes from Nigel Pittaway with Citi. Please go ahead. Good morning, Dom. Good morning, Gill. Morning. Dom, you've given sort of a bit more detail about things like DLT solutions, market data reporting, electricity derivatives, et cetera. Still what's sort of pretty unclear is sort of the quantum that these things are likely to contribute to revenue and when. Is there any more color that you can give on that at this stage? Thanks, Nigel. I think with the DLT, I think with these things, certainly, with DLT solutions, there's some examples there, but I think it's, we might have had this conversation even sort of 6 months to 1 year ago, Nigel, on this call that I think these things are going to take time because there's just so much focus on CHESS over the next short while. The interesting one from what you said, I think is electricity has been an interesting space, firstly. Secondly, it's been growing quite strongly. I'll take that on notice that it's starting to become a not insignificant sort of line in the P&L. As far as the market data thing, you talk about, I guess that's just parts of improving our service and improving how we're interacting with customers and that process of being much more on top of exactly what customers are using and even them knowing what they're using and what they should and shouldn't be licensed for. That is actually going to yield over a couple of years, probably a not insignificant revenue for that area. As far as breaking down into all of those little pieces, I don't know, Gill, I don't think we're going to sort of break out all those bits and pieces. We've already sort of got the 10 areas, whether we actually change that, I'm not sure. I'm sorry, I missed that. I thought that was about our investments. No. I think we were talking about, Nigel, we were talking about the revenues out of things like electricity, DLT solutions. Oh Market data, those sort of things. Yeah. Just like, I think Nigel makes a good point that there are a bunch of things happening. I think the more sort of things like Sympli DLT solutions, they're more out into the future. Market data is, your point is happening now. Electricity is happening now. The only other point I made, Gill, sorry if you missed it on the call. Yeah Was that electricity having grown 40 odd percent this year, 30% last year is actually becoming a not insignificant line. I take the point. Yeah. Sorry, I sounded sloppy there. I just couldn't hear the last bit. If I go through the range of them, we're waiting for that moment to pop when it becomes material, because we have to line it up against our other revenue items as well. Certainly our commodities business, I mean, it's quite a strong piece of the portfolio now. There will be a moment where we are able to disclose, right? Not right now, certainly we're very happy with the volume that's coming through and the acumen that we've actually got on the team right now. That's a real green shoot for us. It's not a green shoot if it's there now. For the other ones, it's interesting. DataSphere, we're certainly making money now on, we're definitely commercializing the data. We have customers. To Dom's point, it's just not material enough to talk to. We're pleased with that. Actually, it's really interesting. What we've built in DataSphere is actually helping even more so internal requirements to gather our data for other stakeholders' interests. It's actually turned out to be twofold, just a really good thing to do. As it becomes material, we'll be able to talk about it. DLT initiatives, you've seen that last slide of Dom's. Once again, really happy about the fact that we've got these very notable parties working with us. One in particular, you'll see their investment in Grow this year, and that's absolutely going to be using and being helped with that DLT technology. Once again, that is a new thing that's just come on. I think, Nigel, as much as once again, we can't tell you what that revenue outlook is, we certainly can see the activity, and we've got some very sound names attached to those investments. Hopefully that answers it, Nigel. Yeah, if I can just maybe delve on a couple of things. Just on, the electricity derivatives, you say it is starting to become important. Against once the interest rate situation normalizes and interest rate futures go back to normal, do you still think it will be material in that context? Yeah. Well, you can look at it that way. What you're saying, is it material in the portfolio? True. Also from a, dare I say, display perspective, it could become larger than some other things that we've historically talked about. If we look at our equity options and things like that. I think that's more the play, Nigel. Mm-hmm. Okay. Is there much revenue for you from the sort of things that are happening in the Daml Sandpit? Because there seem to be quite a lot of interesting things happening, but I'm just not clear whether that gives you much of a revenue boost. In which things? I missed it, sorry, I'm on call. Sorry, the Daml Sandpit. All those sort of things that Broadridge are doing and the like. Yeah. I think when they come to Because a lot of that is actually bringing people in and it's sort of like open source software sort of thing. That actually gets people, get ideas running. The example with KPMG, example with Grow, example with some of the other ones that are listed there. I think what happens is if you want to actually roll that out into sort of an enterprise production thing, you'll then want a full license and actually then you go to that stage and you want connectivity, you want hosting and those things. That's where that comes in. At a build stage or a PoC stage, going to a build stage and all that, not so much. Going to the next stage after those things come online, that's when revenues will come from that. I think it's a sort of, Nigel, it's also the ecosystem. I think one of the great benefits of the ALC ecosystem is it brings a whole lot of people together, then they can do more. It would be great to actually for the DLT to actually encourage more perhaps, fund managers, super funds, other people who perhaps aren't in our data center or don't interact so much directly with ASX to actually have a more direct interaction because then they can interact with everyone else sort of thing. I think this is all about the collaborative technology of what these things are. The ALC is like a physical piece of collaborative technology. DLT is more a sort of like a virtual collaborative technology. Okay. That's clear. Thank you. Maybe just delving into a slightly more detailed thing, just on the collateral balances. We've talked about this before too, but have you got any more insight into what's driving the size of those at the moment? I think, Nigel, obviously it's a reflection of volatility, there's actually a lot going on in this space, and it's sort of almost being driven globally around what is the right levels for margins. A lot of it comes from the fact that, if you go back to March 2020, margins globally, not just ASX and in fact probably more in other exchanges, went up very quickly, and there's a procyclicality argument to that, as to where they can come back down to. I would say the interesting point, I think, in the long term is that I think that margins probably are going to have, and this is sort of like a global initiative, probably going to have higher floors on them, as we go into the future. If that's helpful, too. Okay. Yeah. No, that's good. Okay. Thank you. Thank you for that. Thanks, Nigel. Thank you. Your next question comes from Ashley Dalziell with Goldman Sachs. Please go ahead. Thanks. Morning. I just wanted to pick up on a couple of pieces of the expense outlook. You seem to be suggesting reasonably steady expense growth around where you've guided at 2022, kind of beyond 2022. I just want to square that up with when we do see that D&A step up in FY 2024. What you're saying on total expense growth seems to suggest you'd need to keep your core OpEx growth at very low levels, at least in that 2024 year, kind of sub-inflation almost. I just wanted to confirm that my take on all of that is correct. Gill, do you want to- Yeah. I wouldn't say very low levels. We have built up the foundations. Through this growth that we've had, as all of you know on the call over the last three years, that has made the base larger. At this moment in time, looking at our initiatives that we're progressing with and looking at the D&A that will come through when CHESS goes live, I think we feel that that range is suitable also from a shareholder perspective as well. That would be my answer. Okay. Thank you. Sorry, maybe I'll also add to it. Remember over the last 3 years, our largest cost base are people. With that coming off, and that was why there was such a dramatic increase in expense. With that now trailing off, and we've now got that in steady space, it really does help that outer year growth rate. That's probably a better way to say it. Okay. Thank you for that. Second question, just around information and tech services. You're usually good enough to give us a bit of a 1-year forward view as to sort of where you see revenue growth for those businesses. I mean, I think in 2021 you had expected a level of normalization, and we've seen that for at least one of the two. How are you sort of budgeting for revenue growth in those two areas? I don't think we'll share with you our budget. Certainly, I think we sort of gave you the heads-up that it would normalize. It has. Through ups and downs through that portfolio. I think it would be coming back to that more normalized level, which I think we've said in the past, about 3 to 5. Okay. I think I'll just add to that, this year with tech services, it's also another sort of maybe secondary effect of the less trading means perhaps less participation in all markets, perhaps a few less gateways, a few less need for technical services around that. Again, like with all of these things, I see this as being washed through in the next sort of year or 2 that hopefully they can sort of come back to where they were. Tech services this year was a little bit actually affected in a negative sense, from what its usual run rate is, as opposed to the data business was probably the other way around. Very well. Thank you. I think, I'll just raise the obvious point. That's where we can obviously put in new rates each year, unlike the rest of the business. That certainly helps that. Thanks. Thank you. Your next question comes from Simon Fitzgerald with E&P. Please go ahead. Hi there. Thank you for taking my questions. Just the first one, as you do approach the CHESS replacement, I was just curious to know whether you had any sort of thoughts about what the pricing architecture might look like and how different it might be from the sort of regular CHESS outcomes at the moment, and whether some of these efficiency gains might be passed on to participants. Probably, as far as pricing architecture, I think we have put out connectivity pricing to the market. Maybe that's something better as far as taken offline. There's also some benefits for the market there in the fact that those fees have been waived in the first couple of years to actually help people get over to using that if they want to use that service. Mm-hmm. Okay. That's good. That's the only question I had for you. Thank you very much. Thank you. There are no further questions at this time. I will now hand back to Mr. Stevens. Thank you very much. I think we're sort of up at 12:00 P.M., so good time to finish. Thanks everyone for joining us this morning. Good luck and speak to you all soon. Thank you.