Embattled ASX set to face beefed-up competition, in bid to boost investment
The Australian Securities and Investments Commission is set to boost the competition faced by the much-criticised ASX in an effort to clear roadblocks for investors and attract more foreign capital to Australia.
ASIC, which regulates companies and financial services, announced on Wednesday it was in the final stages of considering an application from an alternative trading exchange, Cboe.
The proposal would allow initial public offerings on Cboe Australia - allowing companies a further alternative listing option from the ASX - operated by a large global exchange group.
While Cboe is already trading, the proposed ASIC action would give it more scope in its operations and enable it to offer more investment options.
“Cboe Australia currently provides trading in ASX listed securities and admits exchange traded products through its own market,” ASIC said in a statement.
“This move is expected to enhance competition and attract foreign investment, providing more choice for investors........
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