Street Talk

Could NSX be Australia’s answer to London’s AIM? Macquarie thinks so

Sarah Thompson, Kanika Sood and Emma Rapaport

Jun 26, 2025 – 5.00am

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The Canadian Securities Exchange’s proposed acquisition of ASX-listed National Stock Exchange of Australia could transform the Sydney-based listings market into a significant platform for early-stage and small-cap companies, say Macquarie’s research boffins.

In a note to clients, analyst Andrew Buncombe said with Canadian backing, NSX, together with Cboe, could credibly go after 544 companies, or just shy of 30 per cent of the ASX-listed market. He estimates this market is worth $50 million in revenue – $20 million in annual listings revenue, $10 million in initial public offering fees and $20 million in secondary fees.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.