Federal treasurer Wayne Swan announced on Tuesday that he would likely not approve the SGX financial takeover of ASX. He noted that saying “no” wasn’t his final decision, but it’s what people could expect him to say. He said he didn’t think it was in the best interest of the nation to approve such a takeover.

The timing of the announcement also probably had a lot to do with his decision. In just one week, the Foreign Investment Review Board will make a decision on a 30-day timetable, and it’s unlikely that a final decision will be made before the deadline of this timetable is met. Many people also feel that Mr. Swan wanted to hurry up and make a decision on the issue because he had a lot to handle and it would be one major issue he could get out of the way.

Magnus Bocker, Chief Executive of the SGX said he would wait for the final decision of the Australian Treasury regarding the issue. According to Mr. Bocker, the deal between the two stock exchanges was driving by opportunity. He said that both would be able to grow even if the merge didn’t happen, but that both of them could grow faster if they joined together.

Even if the deal doesn’t work out, the two exchanged can form partnerships by doing things like cross-listing products and sharing distribution.