It’s a hard slog living in the shadow of the ASX but the National Stock Exchange (NSX) is determined to build its reputation as an alternative stock market.

After revamping its board, the NSX last quarter booted four companies who didn’t toe the line.

Chief executive Ann Bowering said it was a move to “lift the bar”.

“We’re competing with the ASX for listings in Australia and see our sweet spot as those valued between $10 million and $50 million,” Ms Bowering told Stockhead.

“We have made a significant change in our management and investment in our digital infrastructure to be more client-focused.

“At this point we are going through a period of churn to build a brand based on quality and ensure that the market has confidence in what we are doing.”

The loss of four companies last quarter was offset by the admission of QLD backpacker group, Jimmy Crow (NSX:JCC) and Indonesian oil and gas services manager Sapex (NSX:SAA).

In total there were 72 listed securities on the NSX at the end of September, compared to 2237 on the ASX in August.

But the national exchange says it is not about numbers.

“We know what it is like to be a smaller company so we are looking to innovate the way our exchange works to more closely meet the needs of our customers,” Ms Bowering said.

“My intention is that we retain successful companies that come through our market by fulfilling their needs.

“With all the innovations in the fintech space and through the industry we can become a better supplier of some services because we have the ability to fail fast and try again.”

The NSX reported $1.7 million in customer receipts last quarter, up 18 per cent from the previous period.

The NSX — which trades on the ASX under the code NSX — last traded at 29c, giving it a market cap of $43 million.

In the past year the exchange has moved its operations from Newcastle and Melbourne to the Sydney CBD and implemented trading within the IRESS platform — which is also used by the ASX.

The NSX had $4.9 million in the bank at the end of the September quarter.