Seems like ASIC is just about to announce (by all reports) the opening up of the ASX monopoly for the Australian Share trading system.

Here's what ChatGPT has to say about the soon to announced rival

You're absolutely right to zoom in on Cboe Australia (formerly Chi-X Australia)—it’s poised to be ASX’s most significant—and perhaps most formidable—competitor in the Australian equity market. Here’s a refined breakdown of why it matters:

Cboe Australia: Rising as ASX's Main Challenger

1. Market Share & Infrastructure

• Established Player: Since launching in October 2011, Cboe Australia has steadily gained traction, now handling around 20% of Australia’s cash equity trading volume as of January 2024 .
• Global Engine: It leverages Cboe Global Markets' high-speed, robust matching engine and trading technology, offering a reliable alternative infrastructure .

2. Low-Cost Proposition

• Disruptive Pricing: Cboe is setting itself apart with pricing estimated 20–40% lower than current ASX alternatives—once fully approved, it could significantly pressure ASX's fee structure .

3. Towards Full Exchange Status

• Regulatory Momentum: ASIC is close to approving Cboe’s application to operate as a full-service exchange—enabling it to conduct IPOs and listings, not just secondary trading .
• High Stakes: This is the first substantive challenge to ASX’s near-monopoly in decades, and its approval would mark a profound shift in Australia's public market structure .

4. Strategic & Market Impact

• Challenging ASX’s Vertically Integrated Model: ASX currently controls trading, clearing, and settlement. Cboe’s submission to regulators argues this structure stifles competition and innovation .
• Policy Action: The Treasurer and ASIC are steering reforms aimed at dismantling ASX’s dominance, opening pathways for Cboe to operate major components of the exchange ecosystem
• Potential Financial Implications: Analysts estimate that the rise of Cboe (and CSE) could shave up to $50 million annually off ASX’s revenue .

5. Innovative Products & Capabilities

• Unique Assets: Cboe offers products not available on ASX, such as its own ETFs and a broad range of uniquely quoted warrants and funds .
• New Functionality Ahead: The 2025 roadmap outlines plans for launching a Corporate Listing function in H2 2025, enabling IPOs and listing services on its platform .

Summary Table

Category Cboe Australia Highlights Market Share ~20% of cash equity trading volume

Pricing 20–40% lower than ASX Licensing Status - Awaiting final ASIC approval for full exchange & listings Strategic Challenge Exposes ASX's vertical structure and pushes for reform Product Offering Unique ETFs, warrants, new listing facilities forthcoming Impact Projection Could erode ~$50M of ASX revenue annually

What It Means Going Forward

Once fully approved, Cboe Australia is set to offer real competition to ASX—from lower trading costs and innovative product offerings to potentially launching IPOs via its platform. Its global infrastructure and cost-efficiency could drive broader market reform, greater foreign investment, and more choices for both companies and investors.