The Australian Competition & Consumer Commission will carefully scrutinise the proposed takeover of ASX Ltd. by Singapore Exchange Ltd.

The ACCC said in an announcement on its Web site, "The review will scrutinise the deal's impact on the development of competition between exchanges and associated products or services."

ACCC also noted that the proposal of Chi-X Australia and of other operators will also be evaluated as part of the review.

Bloomberg News said in a report that the SGX is prepared to cooperate and this has been anticipated and part of the regulatory process.

The SGX Ltd. has offered to buy Australia's ASX Ltd. for A$8.4 billion ($8.4 billion) in a cash and share deal that would merge the two countries bourses and create one of the world's largest trading exchanges.

Nationalist sentiment, however, pervades in the Australian political and regulatory front.

The Foreign Investment Review Board, the Reserve Bank of Australia and the Australian Securities and Investments Commission will all conduct separate reviews, Treasurer Wayne Swan announced on Oct 27.

Chi-X Global

Chi-X Global Inc. is still set to work towards launching in March, in spite the growing threat of a tougher competitive environment with the bid takeover of the Singaporean bourse of rival ASX Ltd.

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Chi-X Global Australia's COO Mr. Peter Fowler said in an email to the International Business Times-Sydney: "We continuing to work towards a March launch. We are keen to study the ASIC consultation paper, which is due to be released shortly."

Mr. Fowler, however, refused to comment on the proposal bid of SGX to ASX Ltd.