ASIC is taking significant steps to foster competition and innovation, creating more opportunities for companies and investors, and attracting more foreign capital to Australia.
ASIC is in the final stages of considering a listing market application from Cboe Australia, a subsidiary of Cboe Global Markets (Cboe). Cboe Australia currently provides trading in ASX listed securities and admits exchange traded products through its own market. This move is expected to enhance competition and attract foreign investment, providing more choice for investors and greater international alignment.
In parallel, ASIC is expanding the approved foreign markets to include Cboe's US and Canadian exchanges, along with the Canadian Securities Exchange (CSE), prospective acquirer of the National Stock Exchange of Australia (NSX). This expansion will enable Australian investors to participate in certain transactions in these markets, further integrating Australia into the global financial system.
Additionally, ASIC is exploring measures to streamline dual listings of foreign companies in Australia and is actively considering other innovative applications to attract international businesses to Australia's public markets. These measures promote Australia as an attractive destination for international capital.
The agency licensed FCX's tokenised market for private companies and funds and recently approved an expansion of the license to facilitate private market bookbuilds. These developments underscore ASIC's support for innovation and are set to boost investment in Australia's private markets.
ASIC Chair Joe Longo welcomed the opportunity to engage with the Government on its priority to improve Australia's productivity growth.
'This is important work. Our capital markets are healthy and strong but face intensifying global competition for capital and listings. As superannuation funds grow and investors seek opportunities, our actions will help keep our markets efficient, innovative and attractive, supporting economic growth for all Australians.'
Background
ASIC has undertaken a number of initiatives to foster competition, increase participation and build its understanding of Australia's evolving capital markets.
On 26 February 2025, ASIC released a discussion paper which explored the changing dynamics in capital markets in Australia and abroad, including declining listings on public markets, the rapid growth in investment capital allocated to private markets and the growing significance of superannuation funds in markets. ASIC called for actionable ideas to enhance the operation of Australia's capital markets and announced in June an initiative to fast track IPOs (25-096MR).
On 25 February 2025, ASIC used its new powers under the Competition in Clearing and Settlement (CiCS) (25-019MR) services reforms to promote competitive outcomes in clearing and settlement (CS), requiring the ASX to provide its CS services on a transparent and fair basis, with a requirement to publish a comparison of fees against international providers. The clear and benchmarked pricing structure is intended to reduce competitive barriers to entry for entities unaffiliated with the ASX. The rules also require ASX to take reasonable steps to ensure that its core technology systems are designed and developed in a way that facilitates third-party access.
On 11 September 2024, ASIC granted an Australian clearing and settlement facility license to FinClear Pty Ltd (trading as FCX) which connects buyers and sellers of shares in private companies during intermittent trading events.
The CSE requires regulatory approval to acquire the NSX by scheme of arrangement. The NSX, like the CSE, is primarily focused on early stage, entrepreneurial companies. The proposed acquisition will enhance competition and bring global expertise to Australia's capital markets.
