Singapore Exchange News

Chi-East Completes Roll Out in Three Markets and Successfully Initiates Independent CCP Clearing Model
Singapore, Jan 24, 2011 – (ACN Newswire) – Chi-East, the independent, pan-Asian trading venue, announced today that it has completed the roll out of its non-displayed trading platform for securities listed in Hong Kong, Japan and Singapore.

Lee Kuan Yew Singapore withdrew from the Federation Malaysia to become and became an independent republic

The political backlash against a proposed A$8.4 billion takeover of Australia’s largest stock-market operator by Singapore Exchange Ltd continued Thursday, with a number of key independent lawmakers confirming they will attempt to block the bid in Parliament.

Andrew Wilkie, one of three independents who helped Prime Minister Julia Gillard’s center-left Labor party form a minority government after a closely-fought August election, challenged the government to convince him that the proposal to take over ASX Ltd, which requires the approval of both the government and regulators, is in Australia’s interest.

“At this point in time I would not support any move to sell the ASX to Singapore or to interests in Singapore. I think the ASX is too fundamentally important to our economy and to our sovereignty,” Wilkie told reporters.

Labor can’t pass any new laws through either the lower house of Parliament or the Senate without the support of either the main conservative Liberal-National opposition or key independent and minor party lawmakers. The unpredictable nature of the political environment in Canberra was highlighted Thursday when the federal government lost a lower house vote on youth allowances but won two other votes with the support of non-party lawmakers.

Under Australian law, no single shareholder can own more than 15% of the ASX, and any regulation to lift that threshold must be considered in Parliament for 15 days–where lawmakers could move to bar the takeover.

Another lower house lawmaker who gave Labor his backing to form government after the election, Greens lawmaker Adam Bandt, said it is “not in the national interest to have our stock exchange part-owned by the Singapore government, a government where there is no democratic opposition”.

Tony Crook, a Western Australian member of Parliament who stood for the rural-based Nationals but declared himself a conservative-leaning independent after the election–told reporters it would be a “mistake” to sell the ASX to Singapore.

“We have a mind to sell everything of late. I think the ASX is fundamentally Australian and it should stay here,” Crook said.

New South Wales-based lawmakers Robert Oakeshott and Tony Windsor, who together rounded out the band of independents securing Labor’s return to office, said Thursday they will await the advice of regulators, including the Foreign Investment Review Board, before making a decision.

“If (regulators) come out in favor of any takeover or merger, I will be strongly persuaded by their recommendations,” Oakeshott said.

“Singapore is one of our largest trading and commercial partners and there is a very strong argument to developing and strengthening our financial center, particularly Sydney,” he added.

Windsor told Dow Jones Newswires the proposal is attracting “quite a degree of concern” among his rural-based constituents, although he has no definitive view on the deal at this stage.

The takeover, which could create Asia’s fifth-largest market operator, has become a political football in Australia, despite calls for calm from the Labor government.

Trade Minister Craig Emerson this week urged lawmakers to step back and let authorities assess the proposal free of “political chicanery and posturing”.

In response to critics of the deal, the chief executives of both ASX and SGX have said they want to break down national boundaries and create an Asian-Pacific powerhouse with more than 2,700 listed companies from about 20 countries.

Emerging Stock Report Initiates Independent Research Coverage on Artificial Life, Inc.
CALGARY, Alberta — Emerging Stock Report, a leading provider of sector specific independent investment research, today initiated coverage on Artificial Life, Inc. . Emerging Stock Report is currently offering a complimentary trial subscription to the investment community.

Emerging Stock Report Initiates Independent Research Coverage on Patriot Scientific Corp.
CALGARY, Alberta — Emerging Stock Report, a leading provider of sector specific independent investment research, today initiated coverage on Patriot Scientific Corp. . Emerging Stock Report is currently offering a complimentary trial subscription to the investment community.

Emerging Stock Report Initiates Independent Research Coverage on Great Basin Gold Ltd.
CALGARY, Alberta — Emerging Stock Report, a leading provider of sector specific independent investment research, today initiated coverage on Great Basin Gold Ltd. . Emerging Stock Report is currently offering a complimentary trial subscription to the investment community.