Uncertainty As Sgx Poised To Take Over The Asx

Uncertainty as SGX Poised to Take Over the ASX

Robert Elstone, ASX's chief executive, has long suggested the need for mergers in Australia, given the ''profound structural change'' required for the local market to remain globally competitive. His comments underpin the current uncertainty within the Australian market.

Whilst NZX branches out into Futures and Chi-X extends its influence in the APAC region, the spotlight firmly remains on SGX's A$8.4 billion bid for the ASX.

Although the proposal is yet to receive the required approval from financial services minister Bill Shorten and the Foreign Investment Review Board, board members from both the ASX and SGX have already given their unanimous support for the deal.

The AFR reported that although the proposed merger will no doubt create stronger competition to the likes of the Hong Kong and Shanghai exchanges, critics fear the takeover may inhibit ASX's potential growth. If the deal transpires, consolidation will inevitably appear on next year's agenda. There is no doubt the APAC region continues along the road of becoming the new financial services powerhouse.

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SOURCE: Finance IQ