The corporate regulator has approved Cboe Australia’s application to operate a listings market, paving the way for companies to list on Cboe in direct competition with the Australian Securities Exchange and other market operators.
ASIC said the move will expand access to initial public offerings, dual-listed foreign entities and other investment opportunities for Australian investors, and aligns with its push to strengthen the attractiveness of the local capital market.
ASIC Chair Joe Longo said, ‘Australia’s capital markets are strong and resilient, but they must continue to adapt to evolving global market dynamics and meet the future needs of our economy.
‘This move will provide more choice for companies to list in Australia, build more links to offshore markets and create more options for investors, which is good news for the Australian economy.’
Cboe, formerly Chi-X Australia, entered the market in 2011 as an alternative trading venue for ASX-listed securities and was acquired by Cboe Global Markets in 2021. It now handles about 20% of Australia’s equity market turnover, representing nearly $2 billion in trades a day, and has built a strong position in exchange-traded funds under its existing Australian market licence.
ASIC said increased competition in equities trading has reduced costs and broadened access to products such as ETFs. The regulator first flagged it was considering Cboe’s listing application in August as part of a broader work program aimed at enhancing competition and innovation in Australia’s evolving capital markets.
In recent months ASIC has advanced several related reforms, including a June initiative to accelerate IPO timetables, and the use of new Competition in Clearing and Settlement powers in February to require ASX to provide its clearing and settlement services on a transparent and fair basis, including publishing fee comparisons against international peers. In September 2024, it also granted a clearing and settlement facility licence to FinClear’s FCX platform for intermittent trading in private company shares.
With the approval, Cboe becomes the fourth market licensed to list securities in Australia, alongside ASX, the National Stock Exchange of Australia and the Sydney Stock Exchange.
