We had some news and movement yesterday in the two big financial services deals afoot in Australia: the proposed takeover of the ASX by the Singapore Stock Exchange and the proposed takeover of AXA Asia Pacific Holdings by the AMP.

The two deals are worth close to $23 billion, if they go ahead.

The AXA deal looks probable, although final approval from the federal government is needed, but the ASX takeover remains very uncertain.

AXA revealed an 11 % drop in full year earnings to $602 million and the ASX and Singapore Exchange (SGX) revealed a change to the corporate governance and board composition of the merged company to try and win approval from investors and the federal government.

Of the two deals, the $8.4 billion bid for the ASX by SGX is the most important with its political and business fallout here and offshore.

The gist of the new arrangements announced late yesterday will be: the