ASX to merge with futures exchange
By Sara Rich
THE Australian Stock Exchange (ASX) and the SFE Corporation, or Sydney Futures Exchange, last week announced their intention to merge their businesses in a move that would make the new exchange a leader in the Asia-Pacific region.
It would become the ninth largest listed exchange group in the world, with a broader product mix and greater financial and operational scale than either entity could expect to possess alone.
SFE Corporation managing director and chief executive officer Robert Elstone said the merger was a great opportunity to enhance Australian Capital Markets and would drive liquidity and market efficiencies to the benefit of all participants and shareholders.
ASX chair Maurice Newman, who will become the combined group’s chair, said the businesses uniquely complemented each other.
“Combined, they create the leading, integrated financial markets exchange in the Asia-Pacific region, able to punch above its weight in the global capital markets,” he said.
Former SFE shareholders will own up to 40.2 per cent of the merged company, with existing ASX shareholders owning 59.8 per cent. The proposal must be approved by both the Australian Competition and Consumer Commission and the Federal Treasurer.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
