Australian Treasurer, Wayne Swan, has blocked the Singapore Exchange’s (SGX) proposed $7.8 billion merger with Australia’s Australian Securities Exchange (ASX). The deal was rejected on unspecified national-interest grounds.

The merger would have created Asia’s second-largest exchange by number of listings, adds Financial Times. Though the deal has been rejected, it still requires parliamentary approval to overturn a law that prevents a single shareholder from owning more than 15% of the ASX.

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