The operator of the Australian Securities Exchange, ASX Ltd (ASX:ASX) believes a merger with Singapore's stock exchange provides the best chance for Australia to grow as a major financial hub.
ASX chairman David Gonski has told the Australian Financial Review that the proposed deal increases the odds of further alliances with the world’s major exchanges.
Yesterday the Senate voted down a proposal from independent senator Nick Xenophon to launch an inquiry to investigate if the merger is in Australia’s national interest.
Mr Gonski told the paper that the nation’s financial hub will be limited, without the proposed tie-up that, “can offer a window to the world, or, at least the Asian world.”
In the first half of its 2011 financial year, ASX generated a net profit of $172 million.
