The Sydney Morning Herald, 18 Jan 2012
Had the ASX deal gone ahead, Bocker could have comfortably hidden the far deeper downturn in equities trading experienced by his group than ASX over the past six months (although many a local stockbroker suffering loss of hair, sleep and a job might contest that view).
Acquiring the ASX would also have reduced (although in some ways deepened because of Australia's weighting to resources) SGX's currently heavy reliance on equities trading for revenue generation because the ASX is, in spite of perceptions, less dependent on the cash volume in the equities market....by Ian McIlwraith
The above is the first para of McIlwraith's article about how lucky ASX was in not merging with SGX. Good reading the whole article.