15 Feb '11, 3pm

[CNA] Better chance seen for SGX-ASX merger after changes

SINGAPORE : Stock markets are now more optimistic that the proposed merger of the Singapore Exchange (SGX) and the Australian Securities Exchange (ASX) will go through. This comes after SGX and ASX on Tuesday announced changes to the proposed board structure of the merged entity. The new arrangements include an equal number of 5 Australian and 5 Singaporean directors on the board as well as a smaller board, comprising 13 members, down from 15 proposed previously. There will be 3 international directors, including current SGX CEO, Magnus Bocker. Under the original agreement, ASX would have only had 4 board seats on a 15-member board. Meanwhile, ASX and all of its licensed subsidiaries will maintain boards with a majority of Australian directors and an Australian citizen as Chair. According to market analysts, before Tuesday's development, the stock market was assigning a 42...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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