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Thursday, April 7, 2011

HIGHLIGHTS-Australia outlines reasons for rejecting ASX/SGX deal

Australia formally rejected Singapore Exchange Ltd's $8 billion bid for ASX Ltd and said major reform of the nation's financial system was required before the ASX could be bought. The following are comments from Treasurer Wayne Swan on Friday on why he rejected the deal and what reforms are needed.   "I have been advised that many of the claimed benefits of this transaction are likely to be overstated. To diminish Australia's economic and regulatory sovereignty over the ASX could only be justified if there were very substantial benefits for our nation, such as greatly enhanced opportunities for Australian businesses and investors to access capital markets.

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