ASIC clears Cboe to launch listings market, take on ASX
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More news: Shares in ASX fell in early trading after the corporate regulator approved Cboe’s listing application which would put it in direct competition with the bourse.
ASX shares were down 1.26% to $58.12 at 10:39am AEDT and over the past 12 months has tumbled 11.1%.
ASIC clears Cboe to launch listings market, take on ASX
The news: The Australian Securities and Investments Commission has approved Cboe Australia’s listing market application, allowing it to list new companies on its platform.
The context: Cboe will be in direct competition for floats with market operators such as the Australian Securities Exchange (ASX) and the National Stock Exchange of Australia (NSX).
ASIC said the decision reinforced the regulator’s commitment to promote a vibrant and attractive local listing market.
What they said: ASIC chair Joe Longo said: “Australia’s capital markets are strong and resilient, but they must continue to adapt to evolving global market dynamics and meet the future needs of our economy.
“This move will provide more choice for companies to list in Australia, build more links to offshore markets and create more options for investors, which is good news for the Australian economy.”
The source: ASIC
