Later ASX close idea shelved
Later ASX close idea shelved

The head of the Australian Securities Exchange has abandoned his push for trading hours to be extended so they align with key Asian markets.

ASX chief executive Elmer Funke Kupper floated the idea of Australian trading hours being extended by two hours to 6pm (Sydney time) when he took up his role in October 2011.

But Mr Kupper said Australia's financial markets were geared to close at 4pm (Sydney time), and a later closing time would be "incredibly expensive" to administer.

"The feedback I got is that our clients in the funds management industry and superannuation did not see (the) benefit of extending opening hours relative to the cost of making the change so we have to be very disciplined and say, 'That idea we shelve'," he told AAP after addressing the Queensland Exploration Breakfast on Friday.

"I've toyed with the idea but I didn't get a lot of votes from my clients."

Mr Kupper also said smaller resources companies should be entitled to an exploration tax credit, where they are refunded for their losses.

He estimated that giving tax credits to mining companies would cost the federal government $150 million a year, and could be extended to other innovative industries like biotech and science.

"Capital's hard to come by. When it gets harder, we need to see if we can do something to give it a shot in the arm," he said.

"Any projects that are starting to become marginal I think may not get up, so this is about the next mining boom - I'm more thinking seven years from now."

The West Australian

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