Swans wraps protective arm around ASX The ASX can use any help it can get and a reprieve from the prospect of competition in the settlement and clearance part of the business gave its share price another shot in the arm today. While there are enormous structural issues facing stock exchanges, exacerbated by the introduction of competition in the large rump of the ASX business, the short to medium term prospects are viewed as positive because the stock market is now clearly on an upward trend. When stocks move up volumes will follow - and if this is sustained new listings will also add some cream. ASX shares were 0.5 per cent higher to $36.13. There is enough distractive upside around a ramp-up in share trading activity that investors would not have minded some competition in settlement and clearance. They already expected this outcome despite the relentless campaign by ASX chief executive, Elmer Funke Kupper, to protect what's left of his monopoly. He just lucked in because treasurer Wayne Swan didn't have the stomach to rock this boat in the lead up to an election. Why face criticism that the introduction of competition could be costly and could somehow undermine the integrity of Australian securities trading when the decision can be put off for another few years. The reasons Swan gave were vague - not the right time for an industry undergoing some tough times. The ASX has mounted a very effective campaign but it has only bought a couple of years to extend its monopoly. It gives all those that use the ASX clearance and settlement services a couple of years to mount the case that the monopoly keeps costs artificially high. Swan has long treated the ASX as something of a protected species. He knocked back the Singapore Stock Exchange bid to buy the ASX, which has left it isolated in the game of international stock exchange partnerships.