The ASX has reported 2016/17 full year total group revenue grew by 2.4 per cent to A$764.1 million, an increase of $17.8 million. After-tax profit rose 1.9 per cent, or $7.9 million, to $434.1 million. Expenses rose by 6.0 per cent to $180 million and capital expenditure was $50 million, both in line with market guidance. Most spending relates to continued infrastructure upgrades as well ASX initiatives such as the new futures trading platform, development work associated with becoming the BBSW benchmark rate administrator, and progress on distributed ledger technology as a potential solution to replace CHESS. Earlier this week, the Australian Prudential Regulation Authority released a discussion paper on a phased approach to authorising new entrants to the banking industry.  The proposal is to revise the framework for authorised deposit-taking institutions by introducing a phased approach to licensing, with a view to making it easier for new entrants to navigate the ADI process. For fintechs and innovators, the idea of raising significant capital to satisfy regulatory capital requirements and applying for a banking licence without a proof of concept is unrealistic.  APRA is attempting to strike a balance between protecting the banking system while supporting competition and innovation for a number of reasons. The discussion paper is available on APRA's website at: www.apra.gov.au/AboutAPRA/Pages/0817-Consultation-Licensing.aspx