Cboe Australia has received approval from the corporate regulator, ASIC, to list companies on its platform, intensifying competition with the ASX. This approval allows Cboe to expand its services beyond exchange-traded funds and equities trading, targeting both domestic and international companies seeking to list in Australia. Cboe Australia aims to differentiate itself through innovation and support services, rather than solely competing on price. Cboe Global Markets purchased exchange Chi-X Australia four years ago, and in 2023 turned its attention to pushing into corporate listings in this country.
Cboe Australia president Emma Quinn stated that the company has ambitious plans for the Australian market, emphasizing a focus on quality listings rather than simply undercutting the ASX on price. She highlighted the market’s openness to innovation and Cboe’s history of introducing new products like cryptocurrency and fixed income ETFs. The company aims to attract domestic companies with a market capitalisation of $30 million and above, as well as overseas firms viewing Australia as an attractive listing destination.
ASIC’s approval of Cboe’s listings is viewed as a positive step towards increasing competition and choice in the Australian market. ASIC believes this move will unlock greater access for domestic investors to stocks, IPOs and dual-listed foreign entities. ASIC chairman Joe Longo stated that Australia’s capital markets must adapt to evolving global market dynamics, adding that Cboe’s entry would provide more choice for companies and create more options for investors. Cboe Australia is the venue for 43 exchange-traded funds and estimates it has listed just under 30 per cent of all new ETFs in Australia so far in 2025.
The ASX’s shares experienced a decline following the announcement, reflecting investor sentiment. While some analysts believe Cboe poses a limited threat to the ASX’s overall revenue, the increased competition is expected to drive innovation and potentially lower costs for companies seeking to list on the Australian market. The ASX is also facing increased competition for IPOs from the National Stock Exchange of Australia, which is being acquired by the Canadian Securities Exchange.
