AFMA strongly supports an internationally open financial system because it promotes better capital formation, innovation and competition. Australia’s financial markets currently benefit from a high level of international integration that is reflected in cross border capital flows, financial activity and the foreign ownership of financial institutions operating here.
AFMA recognises that there is potential for a cross border exchange merger under the right conditions to benefit our financial system and economy. In this context, we note that the Treasurer is reported to have stated that he is still open to further representations or information from the ASX and SGX before coming to a final decision.