Canadian Securities Exchange acquires NSX

The Canadian Securities Exchange is to acquire Australia’s National Securities Exchange (NSX) in what is being canvassed as a rebuilding of NSX as a credible alternative listing venue.

The transaction was announced on the Australian Securities Exchange (ASX) and follows on from the Canadian Securities Exchange taking an initial 4.8% stake in NSX earlier this month.

NSX has a market capitalisation of $11.07 million with the company’s shares closing at just over 0.032 cents.

The ASX announcement said that under a scheme of arrangement the CSE would acquire all of the ordinary shares in NSX it does not already own with NSX shareholders receiving $0.035 cash per fully paid ordinary share and $0.00035 cash per partly paid ordinary share in NSX, representing a 59% premium to the closing price of NSX shares as at 16 May 2025.

The announcement said the NSX would continue to be operated by its local management team and that the NSX board would be recommending shareholders vote in favour of the scheme in the absence of a superior proposal.

NSX chief executive and managing director, Max Cunningham said the acquisition would provide NSX with financial strength and operational stability and bring global expertise to local exchange activities.

“The Canadian experience demonstrates that one exchange size does not fit all. Issuers and investors in Australia are keen to see a dynamic alternative to the larger, legacy incumbent.

“A stronger balance sheet enables NSX to expand our product offering, sharpen our customer focus, and provide Australian companies, brokers and investors liquid, reliable and well-regulated services. We believe in a strong, accountable and transparent regulatory environment underpinned by rules rather than opaque ‘precedent-based’ decision-making around waivers and other governance matters.”

“The journey of rebuilding NSX as a credible alternative listing venue began 12 months ago,” Cunningham. “This has resulted in renewed focus on an appropriate listings framework for small and emerging companies, revision of current listing rules, review of our technology stack and services, and a new team with extensive local and global exchange experience.”

The CSE will build on those foundations, including the completion of our tech review, and offer shared services in key areas such as technology and financial resources.”