ASIC has approved Cboe Australia’s (Cboe) listing market application.

Cboe will now be able to list new companies on its platform in direct competition with existing market operators, including the Australian Securities Exchange (ASX).

As a result, Australian investors will have access to more investment options, initial public offerings (IPOs) and dual listed foreign entities.

This decision reinforces ASIC’s commitment to promote a vibrant and attractive local listing 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.’

Competition in Australian equities markets to date has resulted in trading costs and access to more investment products, particularly exchange-traded funds (ETFs), which are already available under Cboe’s existing Australian Market licence.

Background

ASIC announced it was considering Cboe’s application in August Enhancing competition and innovation in Australia’s evolving capital markets (25-154MR).

Formerly known as Chi-X Australia, Cboe was launched in Australia in 2011 as a competitor to the ASX, introducing an alternative trading venue for ASX-listed securities and contributing to increased competition and innovation in the Australian equities market. It was acquired by Cboe Global Markets in 2021, becoming Cboe Australia.

Cboe Australia currently has 20% of Australia’s equity market turnover, representing almost $2 billion of trades each day.

On 22 September, ASIC shared its progress update on Advancing Australia’s public and private markets. This followed on from ASIC’s discussion paper in February which explored the changing dynamics in capital markets in Australia and abroad.

ASIC called for actionable ideas to enhance the operation of Australia’s capital markets and announced in June an initiative to fast track IPOs (25-096MR).

On 25 February 2025, ASIC used its new powers under the Competition in Clearing and Settlement (CiCS) (25-019MR) services reforms to promote competitive outcomes in clearing and settlement (CS), requiring the ASX to provide its CS services on a transparent and fair basis, with a requirement to publish a comparison of fees against international providers.

On 11 September 2024, ASIC granted an Australian clearing and settlement facility license to FinClear Pty Ltd (trading as FCX) which connects buyers and sellers of shares in private companies during intermittent trading events.

There are now four markets, including Cboe, licensed to list securities in Australia, ASX, National Stock Exchange of Australia (NSX) and Sydney Stock Exchange (SSX).

Source: ASIC