Australia competition watchdog OKs SGX-ASX merger

Australia's competition watchdog on Wednesday said it would not oppose a proposed US$8.3 billion merger between the Australian and Singapore stock exchanges.
In a move which brings the merger one step closer, the Australian Competition and Consumer Commission said the planned merger between the Singapore Exchange Limited and Australia's ASX Limited was unlikely to result in a substantial decrease in competition.

"In Australia, SGX does not compete with ASX for trading, clearing or settlement services,' it said in a statement.

"ASX and SGX do compete for listing services, but only to a limited extent."

Comments
Weisiang: Heaving a sigh of relief, another obstacle cleared for the Singapore Exchange as plans to take over the Australia Exchange(ASX)which has been receiving in much scrutiny and criticism. I was in fact awed by the notion of taking over a foreign exchange, which is seldom or rather rarely known of.

This merger, would put Singapore as a real contender in the world map in the financial sector, not as a red dot, but a country that is competent in ability. How I wished, that I could be born a generation earlier, spearheading this project.

But what sparked me was whether my generation, under much media accusations of being weaklings would be competent enough to step on the platform our forefathers build to bring Singapore to even greater heights.

Chrystal:
I think that it would be quite difficult for Singapore Exchange to be able to merge with the Australia Exchange. Singapore is only a small red dot and I am sure that most of the foreigners will look down on us and doubt the capability of our stock market. However, I feel that if we really were to be able to clinch this deal, it would greatly benefit the stock exchange of Singapore. Moreover, I feel that this would be another great opportunity for Singapore to unveil our ability in maintaining as one of the top financial hubs in the world despite being so small. We should also make use of this chance to show the others what we are capable of.

Zeena:
News like this would definatly bring a significant boast in Singapore economy. It means that now countries would not still see Singapore as a small red dot. We have manage to bring our financial status to a global level. Though i feel that with such a huge merger in the way Singapore would be thrown into the lime light for fiancial status more could be done to further improve the economy of the country. Who won't want a better Singapore for our future generation?

WeeSoon: I agree with what Chrystal have said bout Singapore being just a small red dot. Why would a big country like Australia have thier sight in Singapore Stock Exchange. However on the other hand, if we were to merge with the Australian Exchange market, it would help by letting many other countries know about our little red dot. Australia stock exchange is said to be well known and if we were to merge together with them, not only would it boost our reputation, but also further bring ties with the two countries, which is also another good thing. Therefore i feel that if this merge were to success, it would really benefit Singapore alot.

Koofang: I agree with Zeena about how this news would help Singapore in the economy by gaining more recognition from people all around the world and also letting them know the existence of Singapore. Known as the little red dot, most people look down on us, doubting our capabilities in letting Singapore soar high. Like what Chrystal said, this is definitely a good opportunity to let this people see that we have the ability to bring Singapore to even greater heights even though we're just a small island.