Australia’s corporate regulator is moving to open up the nation’s capital markets, flagging decisions that could add a new listings venue, widen access to North American exchanges and streamline pathways for overseas companies to tap local investors.
The Australian Securities and Investments Commission said it is close to completing its assessment of a proposal from Cboe Australia, part of Cboe Global Markets, to operate a listings market. Cboe Australia currently runs a trading platform for ASX-listed securities and lists exchange traded products on its own market. An approval would broaden competitive pressure in listings and, according to the regulator, improve alignment with international practice and choice for investors.
At the same time, ASIC is moving to broaden the roster of “approved foreign markets” to cover Cboe’s US and Canadian venues and the Canadian Securities Exchange, which is seeking to acquire the National Stock Exchange of Australia. The expansion would allow Australian investors to undertake certain transactions on those platforms, deepening cross-border connectivity.
The regulator is also examining ways to simplify dual listings by overseas issuers and says it is weighing other novel applications aimed at drawing more global companies onto Australian public markets.
ASIC highlighted progress in private markets as well. It has authorised FCX’s tokenised market for private companies and funds, and has since extended that licence to allow private market bookbuilds — steps the agency says will support innovation and channel more capital to private growth companies.
ASIC chair Joe Longo said the measures align with the Government’s focus on lifting productivity. ‘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.’
The latest actions build on a series of initiatives over the past year. In late February, ASIC released a discussion paper examining shifts in public and private capital formation at home and abroad, and in June it announced a pathway to expedite initial public offerings. On 25 February, using new powers under the Competition in Clearing and Settlement reforms, the regulator set rules requiring ASX to offer clearing and settlement services on transparent, comparable terms, publish fee benchmarks against global peers, and design core technology to enable third-party access — all intended to lower barriers to entry.
In September 2024, ASIC granted FinClear (trading as FCX) an Australian clearing and settlement facility licence to connect buyers and sellers of shares in private companies during intermittent trading windows.
The proposed purchase of the NSX by the Canadian Securities Exchange remains subject to regulatory and court approvals. Both venues focus on early-stage, entrepreneurial issuers; ASIC says the tie-up would add competitive tension and bring international know-how to Australia’s markets.
