Citi cautions rising costs for Australian bourse operator ASX on regulatory risks

** Citi sees increased costs and capex for ASX ASX given recent regulatory investigations the bourse operator has faced

** ASIC launched a broad investigation into the ASX in mid-June, escalating tensions that have simmered for years amid a botched software upgrade and a series of trade-processing glitches

** Brokerage retains "neutral" rating and a price target of A$71.60 despite noting a pickup in IPOs and upbeat volumes in FY for ASX

** Six out of 12 analysts rate the stock "hold", five rate it "sell" while one rates it "buy"; median price target is A$69.10 - data compiled by LSEG

** ASX has gained nearly 7% YTD, as of last close