Singapore Exchange’ (SGXL.SI) US$7.8 billion ($10.1 billion) plan to buy ASX (ASX.AX) cleared a hurdle when the Australian competition regulator (ACCC) cleared it but the deal to create Asia’s fourth biggest bourse by volume still needs to navigate a political minefield.

The ACCC, which last month questioned whether the deal could stall the entry of competing trading platforms into Australia, concluded it would not impede competition.

“It was the easiest of the hurdles. The political obstacles are the greater ones. This deal has a long way to go,” Don Williams, Chief Investment Officer at Platypus Asset Management said.

The biggest hurdle facing the deal now is approval from Australia’s parliament, which has to lift an ownership cap on ASX for the deal to go through.

Some MPs have expressed concern that a foreign takeover would not be in Australia’s interest.

ASX shares were 0.8% higher at A$38.80 ($50.4) in early trade, still 13 percent lower than the implied deal value, reflecting investor concern over. The broader index <.AXJO> was 0.3% higher.