Australian NASDAQ planned
Andrew Colley | March 26, 2008
AUSTRALIA'S technology industry will be given its own stock exchange as part of an effort to promote investment in the sector.
The new exchange, APTEX, is expected to be established later this year by a joint-venture between private and semi-private interests. It's expected to list around 20 companies at launch.
Its creators said that the new exchange would compare to similar exchanges established overseas including New York's NASDAQ and the United Kingdom's AIM.
The two companies behind APTEX, Enterprise Pacific, a non-profit company established as part of the Pacific Technology Corridor Business Plan, and National Stock Exchange of Australia, a securities trading operator catering to small- and medium-sized enterprises, unveiled the plan earlier today.
Enterprise Pacific chairman Geoff Mullins said that the Pacific Technology Corridor plan aimed to create 50,000 new jobs in northern Sydney's technology precinct by 2020.
Maxine McKew, Parliamentary Secretary for Early Childhood Education and Child Care, endorsed the plan in her maiden speech to parliament and attended its launch ceremony earlier today.
Ms McKew is the local member for the federal the seat of Bennelong which covers part of the technology precinct that APTEX aims to promote.
"APTEX is an example of what is needed to attract capital to promote Australian innovation and technology. The 21st century role of government is to support nation building and Australia’s comparative advantage in technology and APTEX is making a welcome contribution to this objective," Ms McKew said.