Australia's government formally rejected Singapore Exchange's $8 billion bid for Australia's ASX Ltd on Friday, saying major reform of the nation's financial system was required before the ASX could be bought by a foreign bidder. Treasurer Wayne Swan said the deal would have diminished Australia's economic and regulatory sovereignty, presented material risks and supervisory issues due to the ASX's dominance over clearing and settlement, and failed to boost access to capital for Australian businesses. "It's not the right deal for Australia if we want to enhance our links into global capital markets. It's not the right deal for Australia if we want to grow our role as a financial services hub in Asia," Swan told reporters.
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