The proposed takeover of ASX Ltd, which runs the Australian Securities Exchange, by the Singapore Exchange has rightly been presented as a landmark deal. It’s the moment when exchange consolidation reaches Asia and the likely start of a sequence of bids and liaisons that might take decades to unfold.
But something has been missed amid the analysis, the politics, the regulatory debate and the general hoopla about the deal. This isn’t – yet – a merger of stock exchanges.
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