Mooring ASX with Singapore "against national interests", says Treasurer Wayne Swan the Australia

Magnus Bocker, chief executive officer of the exchange of Singapore, left, speaks as Robert Elstone, chief executive officer of ASX, listening to merge Sydney, Australia Press Conference on Monday, October 25, 2010. Photo: Bloomberg

Securities Exchange (ASX) Australian says Treasurer Wayne Swan was "disposed to the view... that the merger proposed the ASX and SGX should be rejected as contrary to the national interest."

The ASX and Singapore Exchange Limited has announced plans in October last to create one of the most diverse large countries and financial commercial hubs.

However, the proposal struck hedges in Australia, where concerns about foreign ownership and the record of democracy and the rights of Singapore have been raised.

Mr. Swan said on Tuesday that he had "serious concerns" about the proposal and the intention to accept the unanimous opinion of the foreign investment Review Board that the takeover would not be in the national interest.

"It is important to note I did not take final decision, and it would not be appropriate for me to make further comments to the public on an application that is still under consideration," he said in a statement.

The exchange of Singapore said he was informed of the notice of the Australian Government and had asked to provide comments to foreign investment Commission Australia to review the decision.

In a statement, he said Asia remains the engine of growth in the coming decades and a gateway to the region the SGX was "well positioned to take advantage of opportunities in the dynamic economies of Asia dynamic."

Attitude of the Australia could push on the Singapore Stock Exchange to consider merger with other regional exchanges in a climate of global consolidation among exchanges.

The ASX, which has already supported the merger of Singapore would be in the national interest because it would increase the size and diversity of options for investors and reduce the costs of the companies listed on the stock exchange, said that he too maintained "the current belief" in its need to be involved in exchange for consolidation.

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