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Australian Greens flag concern on ASX merger

The Australian Greens will be scrutinising closely the proposed merger of the Australian Stock Exchange and the Singapore Exchange.

Australian Greens Leader Senator Bob Brown said he had concerns about potential negative impacts from a foreign buy out of the Australian Stock Exchange.

Senator Brown said Parliamentarians need to be sure that the benefits of the ASX becoming a foreign owned international exchange needed to be clearly proven.

"The Greens will not support any move to exempt the 15% shareholder cap on the Australian Stock Exchange to allow it to be taken over by the Singapore Exchange unless benefits can be clearly proven," said Senator Brown.

"We want to know what the impact will be not only on the Australian market and shareholders but also superannuation accounts and financial service and other workers, and on sovereignty.    

"It is very important that the Foreign Investment Review Board also closely scrutinises any potential negative impacts of this proposal."

The Greens will undertake a review of democracy and freedom of speech in Singapore. 

Human Rights Watch describes Singapore as 'a politically repressive state'.

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