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Investing.com-- Shares of the Australian Securities Exchange (ASX) fell on Tuesday after the country’s corporate regulator allowed Cboe Global Markets Inc (NYSE:CBOE) to operate as a listing market in the country, heralding more competition in the sector.
ASX (ASX:ASX) shares fell as much as 1.7% to A$57.85, touching their weakest level since June 2024.
Cboe Australia, a unit of the Chicago-based exchange operator, was allowed by the Australian Securities and Investments Commission to list new companies, allowing it to compete directly with the ASX.
“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,” ASIC Chair Joe Longo said in a statement.
Cboe Australia was launched in 2011 as Chi-X Australia, and was an alternative trading venue for ASX-listed securities. It was bought by Cboe in 2021.
The ASIC said Cboe Australia currently covers about 20% of Australia’s equity market turnover, representing A$2 billion ($1.32 billion) trades daily.
Cboe Australia’s approval also comes amid efforts by the ASIC to increase competition in the local listing market. The regulator had also ramped up its scrutiny of the ASX’ market infrastructure in recent months, following years of criticism over a failed software upgrade by the exchange operator.
Cboe is now the fourth market allowed to list securities in Australia, with the others being ASX, National Stock Exchange of Australia, and the Sydney Stock Exchange.