SGX pleased with progress of ASX bid

The Singapore Exchange was pleased with the progress it has made so far with Australian regulators in its bid for Australia's ASX , SGX's CEO told Reuters.

"We are happy with the progress so far we have made with regulators ," said SGX's Magnus Bocker. on the sidelines of an event late Wednesday to mark the launch of a joint venture on metals trading with the London M

"We are talking to politicians, trying to explain that they are not 'selling the business,'they are expanding the business and the markets, leveraging on Asia's growth."

SGX's $7.9 billion bid for the ASX faces major political and regulatory hurdles in Australia but investors said the latest stock exchange tie-ups globally appeared to strengthen the case for a deal.