ASX Ltd (Australian Securities Exchange) has appointed Elmer Funke Kupper, the former head of Australia’s biggest gambling company, as its chief executive officer and will take charge of his duties from Oct 6, Bloomberg reported.

The tenure of Robert Elstone will end five months after his effort to merge with Singapore Exchange Ltd was blocked amid a nationalist uproar, the reports said.

Robet Elstone did not seek to extend his contract when it expired in July. Funke Kupper, a former banker, became CEO of Tabcorp in July 2007 and oversaw the spin-off of its casinos into Echo Entertainment Group Ltd in June this year. 

He joined ASX following its failure earlier this year to merge with Singapore Exchange and at a time when it faces competition from a new rival, Nomura Holdings Inc-owned Chi-X Australian Pty. ASX believes Funke Kupper “is the right candidate to lead ASX into a new era,” chairman David Gonski said.

“Elmer has enornomous experience as a CEO of a major Australian listed company, and extensive involvement in the financial services industry,” he added.  Robert Elston held the position of director and CEO of ASX since July 2006, when the exchanged completed its acquisition of SFE Corp, Australia’s largest futures exchange. 

“Robert has been an outstanding steward of ASX,” chairman David Gonski said. “Robert’s financial and operational skills, coupled with his judgment and personal discipline, were critical to ensuring ASX’s strong day-to-day performance. Robert hands over a company in robust shape and ready to continue to play an integral role in the Australian economy,” he added.

 The Australian Securities Exchange was formed by merger of the Australian Stock Exchange and the Sydney Futures in July and is the primary stock exchange group in Australia.