Australia Treasurer Wayne Swan today finally came out into the open to snub the Singapore Exchange’s offer for ASX, describing his formal rejection as a “no-brainer.”
I would like, as a teeny-weeny shareholder of SGX, to return the compliment. It’s a clear no-brainer that the rejection is good, no great, news, for SGX.
I have always thought the Magnus Bocker-inspired initiative a baaaaaad thing and had said so here.
As for the Straits Times and the Wall Street Journal reporting analysts fretting that if SGX doesn’t get to work trying to find another partner, it could become a target itself, let me say that’s the least of SGX worries! Instead, if that were to happen, it should consider itself damn lucky.
If it does attract suitors such as the Hong Kong Exchange or the Shanghai Exchange, that would be the best thing to happen to our Exchange for a long time!
The greatest fear is that those who call the shots at SGX may decide to lead it into another costly, pointless and time-wasting dance leading to yet another cul de sac!