Australia's smaller stock exchange Chi-X wants to offer big offshore stocks like Google in Australia

Google senior vice president of product Sundar Pichai. Justin Sullivan/Getty Images

Chi-X Australia, the main competitor to the ASX, is getting closer to a proposal to get big offshore stocks such as Google and Apple to list locally so fund managers can add exposure to their portfolios.

The biggest hurdle is Australian listing regulations and any proposal needs approval from the corporate regulator and watchdog, ASIC (Australian Securities and Investments Commission).

The AFR’s Street Talk says it understands Chi-X’s move has “piqued the interest of local fund managers” who can only invest in locally listed stocks.

Chi-X is owned by Chi-X Global, which was once 100% owned by Japanese financial group Nomura but is now a consortium of financial institutions. It also operates in Canada and Japan.

The ASX also has been looking at ways for offshore shares to list locally.

A proposal in 2012 didn’t make it because of worries about compliance with Australia’s continuous disclosure rules.

There’s more HERE.

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