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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
