The Australian competition watchdog has weighed in on the ASX Ltd
(ASX:ASX)-SGX merger.
The ACCC has questioned whether Singapore Exchange’s $8.2 billion takeover bid for ASX could hinder the entry of competing trading platforms in Australia.
The ACCC has specifically asked whether the potential merger will impact the proposed entry of ASX’s rival Nomura’s Chi-X Australia and a planned joint venture of SGX and Chi-X called Chi-East.
The ACCC plans to issue its ruling on the ASX-SGX merger by January next year.
If Australia’s parliament and Treasurer Wayne Swan approve of the deal, it will be put forward to shareholders for a vote in March.
For the financial year ended 30 June 2010, ASX booked a net profit of just over $328 million.
