The Australian Securities and Investments Commission has given final clearance to Asia Pacific Stock Exchange (APX) to start its operations, according to Business Spectator.
APX is a small bourse that aims to lure Chinese firms to list in Australia, according to Business Spectator. The firm also eyes its firms initial public offerings (IPO) within the first six months of 2014, the report detailed.
The new bourse said it is in talks with local and Asia-based potential listing candidates. APX would make a way for Australian firms to expand in Asia, and for Asian firms to reach Australian capital markets. CMC Markets and BBY Ltd have joined the small bourse as approved brokers. APX already has 13 sponsors working to bring companies to the market, the report said.
In an bid to lure medium to long-term investors, APX will not allow short-selling. The bourse is wholly owned by diversified financial and investment firm AIMS Financial Services Group, Business Spectator reported.
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