At this meeting SFE shareholders have the opportunity to create a landmark in the evolution of the Australian financial markets by agreeing to the proposed merge of SFE with ASX. These exchanges demutualised in 2000 and 1998 respectively and your approval will create a very significant business unit covering both equity and derivative markets.
I am sure the first Board of SFE, then known as the Sydney Greasy Wool Exchange, did not envisage they were taking the first steps towards the possible establishment of such an integrated exchange business model. The combination of ASX and SFE in 2006 will see Australia’s principal cash and derivatives exchanges united, both with integrated clearing and settlement arrangements, and including the ownership of Australia’s central debt securities depository.
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