Background: In 2011, Chi-X launched as a rival trading platform to the ASX. Fast forward a decade to 2021, Chi-X was acquired by Cboe Global Markets and became Cboe Australia. Until now, Cboe Australia could only host exchange-traded funds (ETFs).

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What happened: Now, ASIC just gave Cboe Australia the green light to start listing companies too. That means Aussie businesses now have another option when going public, not just the ASX.

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What else: While this is a big win for Cboe and companies looking to list, it’s bad news for the ASX, which is both a market operator and a listed company on itself. The ASX’s share price slipped more than 2% following the announcement, as its long-time monopoly faces a real challenger.

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What's the key learning?

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💡Even the strongest monopolies can lose dominance when they don’t have competition to drive them forward. For decades, the ASX has long been the only option for Aussie companies to list and trade... until now.

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💡Years of missteps have damaged the ASX’s reputation, including:

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• The failed blockchain CHESS upgrade, which blew out by $200 million
• A major trading outage in 2024
• ASIC suing the ASX in August for misleading statements
• A mix-up between TPG Private Equity and TPG Telecom that rattled investors

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💡With ASIC approving Cboe’s entry into company listings, it’s hoping to spark healthy rivalry... one that holds the ASX accountable and propels Australia’s public markets into a more competitive future.