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Showing posts with label SGX-ASX block "damaging" to Australia. Show all posts
Showing posts with label SGX-ASX block "damaging" to Australia. Show all posts

SGX-ASX block "damaging" to Australia

When Australian Treasurer Wayne Swan declared his decision to reject Singapore's proposed takeover of the local bourse a "no brainer", critics fear he may have scared off future Asian investment.

The Australian Securities Exchange (ASX) and Singapore Exchange (SGX) announced plans in October to merge, hoping to create one of the world's largest financial trading hubs and a rival to Hong Kong.

But the AUD$8.4 billion ($8.8 billion) proposal hit opposition almost immediately, with Canberra lawmakers raising concerns about foreign ownership and Singapore's human rights record.

Swan's remarks in finally blocking the deal on Friday were unequivocal

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