ASX said it would trim headcount, cut consultants and look to sell down its equity stake in the start-up it used for the failed project to replace CHESS, as it pledged to get a blowout in expenses under control. Growing regulatory commitments and technology modernisation triggered an unsustainable increase in costs, depressing profit in the first half.

ASX shares fell more than 4 per cent to $64.94 just after midday on Friday after it missed expectations on earnings and cut its interim dividend. That came after profit fell 7.8 per cent to $230.5 million for the six months to December. This was caused by a 26.9 per cent surge in expenses compared to the previous first-half.