The Australian government has granted a final approval to Chi-X to operate a securities exchange in Australia, Financial Times reports. Chi-X, a subsidiary of Japan’s Nomura, plans to start operations in the fourth quarter of this year.

Chi-X, which received a preliminary approval more than a year ago, will be the first foreign-owned stock exchange in Australia. The approval comes a month after the Australian government blocked the Singapore Exchange’s planned takeover of the Australian Stock Exchange.

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