The Australian Competition and Consumer Commission states it will not oppose a proposed US$8.3 billion (S$10.8 million) merger between Singapore Exchange Limited and Australia's ASX Limited.
"In Australia, SGX does not compete with ASX for trading, clearing or settlement services," says a statement obtained by the AFP. "ASX and SGX do compete for listing services, but only to a limited extent."
The merger would be the first between two exchanges in Asia-Pacific and create the region's first pan-regional stock exchange. But the combination is not good news for the Hong Kong Exchanges & Clearing Ltd. (HKEx) which has attracted the world's biggest initial public offerings this year, including the Agricultural Bank of China Ltd. IPO which raised US$12 billion in Hong Kong.
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