The appointment of Elmer Funke Kupper as chief executive of the Australian Securities Exchange, months after its proposed merger with the Singapore exchange fell apart, could be a gamble for the Australian market which is feeling the heat from increasing competition.

The former head of Australia's largest casino and gambling firm Tabcorp has limited experience with the exchange's operations and the broader dynamics of the equities trading market. However, his suite of skills, which includes operating a financial technology led business in a highly regulated market, are likely to prove complementary, say analysts.