16 Dec 2010

Competition watchdog clears ASX's Singapore merger

7:53 am on 16 December 2010

Australia's competition regulator has cleared the proposed takeover of the Australian Securities Exchange (ASX) by its Singaporean counterpart.

Singapore Exchange wants to buy ASX for $A8.4 billion in what will be the first merger between two market operators in the Asia-Pacific.

The deal is expected to lower costs for both exchanges.

The Australian Competition and Consumer Commission says the Singapore Exchange doesn't compete with the ASX for share market trading, clearing or settlement purposes.

The deal is still subject to approval from the Australian Foreign Investment Review Board.