Australia: Exchange merger champion pays for success

As stock exchange consolidation catches on around the world, it’s sobering to note the lessons of the Australian experience.

By Chris Wright

One person with mixed feelings about the whole trend will be Australian Stock Exchange chief executive Tony D’Aloisio or, rather, its former chief executive, since he was ousted last month as a consequence of his own deal.

In March, the ASX and the Sydney Futures Exchange announced a plan to merge. It had been mooted on numerous occasions and formally attempted in April 1999, only to be knocked back by the regulator, the Australian Competition and Consumer Commission.

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