Singapore Exchange’s bid for ASX, operator of the Australia’s main bourse, has been cleared by the nation’s competition regulator.

The deal wouldn’t adversely affect competition in exchange services, the Australian Competition and Consumer Commission said in a statement today. A key focus of its investigation was whether the acquisition of ASX would deter entry into the Australian market of rival Chi-X Australia Pty and other competitors due to SGX’s links with Chi-X Global Inc., it said.

The ACCC said last month that it intended to undertake a review aimed at scrutinizing the deal’s impact on “the development of competition between exchanges and associated products or services.” The bid still needs clearance from the Foreign Investment Review Board, Reserve Bank of Australia and Australian Securities and Investments Commission, while some lawmakers have raised national-interest concerns.

“The ACCC approval is clearly a necessary ingredient,” said Angus Gluskie, who manages about US$350 million at White Funds Management Pty in Sydney. “Nevertheless, the outcome appears to have been expected, with investors more concerned about the other hurdles.”

Singapore Exchange offered to buy ASX on Oct. 25 for A$8.4 billion ($10.9 billion) in a cash and share deal that would create the world’s fifth-largest listed exchange company. Based on SGX’s closing share price yesterday, the value of the deal was A$7.8 billion. ASX shares rose as much as 1.4% in Sydney trading today.