What is the National Stock Exchange (NSX) planning to do in the Australian market?

The National Stock Exchange of Australia (NSX) is launching a major technology upgrade to facilitate the trading of stocks currently listed on the ASX (ASX:ASX). Backed by new owner CNSX Global Markets, the NSX intends to challenge the ASX's dominance by offering a secondary venue for high-volume equities.

Why is the NSX (NSX:NSX) targeting ASX-listed stocks now?

The NSX is capitalising on recent regulatory and cultural scrutiny facing the Australian Securities Exchange (ASX), which was recently criticised in a landmark report for an "insular and defensive culture."

How does the NSX intend to disrupt the dominance of the ASX?

Management believes the primary levers for disruption are lower pricing and superior technology. CEO Max Cunningham, a former ASX executive, plans to reduce broker connectivity costs by operating out of a strategic Equinix data centre in Alexandria, Sydney.

How might more competition between the NSX and ASX affect retail investors?

Greater competition between trading venues typically benefits retail investors through lower execution fees and improved service levels as exchanges fight for volume. Stake CEO Matt Leibowitz noted that while lower fees are a win, the real benefit would come if this competition leads to structural changes that improve liquidity for smaller-cap stocks.

What are the main risks for the NSX in this expansion?

The primary risk is a lack of liquidity; even with lower fees, brokers may be hesitant to move away from the ASX if there aren't enough buyers and sellers on the NSX platform. Historically, challengers like Cboe have seen their market share plateau—Cboe has remained stagnant at around 20% for the last 18 months.

What is the current status of Cboe Australia, and how does it impact the market?

Cboe Australia is currently being shopped to potential buyers by its Chicago-based parent company, creating a period of uncertainty for the nation's second-largest exchange.

What role does the Aquis partnership play in the NSX’s strategy?

The partnership with Aquis Exchange PLC provides the NSX with the "heavy machinery" needed to compete with the ASX’s established infrastructure. Aquis is providing the trade order matching engine and sophisticated surveillance tools required to handle the high volumes and high-frequency trading associated with ASX-listed companies.

What should investors watch for as a signal of NSX's success?

Investors should monitor "broker connectivity" and the number of firms signing on to the new platform as the primary indicators of traction. A key follow-up signal will be whether the NSX can successfully facilitate cross-border listings or launch new products, such as ETFs, to fill gaps left by the ASX.

Image for illustrative purposes only. Not a real photo.

NSX challenges ASX dominance with major expansion

Written by Isaac FrancisPublished Apr 6, 2026, 10:16 PMLast Updated Jul 6, 2026, 10:30 AM

The Australian share market is bracing for a shift as the National Stock Exchange of Australia ramps up a bold bid to become the nation's third major trading venue.

Backed by its new owner, CNSX Global Markets, the NSX will announce a major technology upgrade designed to facilitate the trading of ASX-listed stocks.

This expansion directly targets the dominance of the Australian Securities Exchange and arrives as the up-for-sale competitor, Cboe Australia, faces an uncertain future.

NSX CEO Max Cunningham, a former ASX veteran, is spearheading the disruption with a focus on aggressive pricing and superior service.

"The only way you can disrupt is with lower pricing," Cunningham noted, highlighting plans to operate from a strategic Sydney data centre to reduce connectivity costs for brokers.

The move comes at a vulnerable time for the ASX, which was recently criticised in a landmark report for an "insular culture" and failing to meet modern infrastructure expectations.

While Cboe currently holds roughly 20% of the market, its growth has stalled, leaving a gap for a fresh challenger.

The NSX has partnered with Europe’s Aquis to deploy advanced surveillance tools and a high-capacity matching engine to lure brokers.

NSX challenges ASX dominance with major expansion

Frequently asked questions

Assets related to this article