Temasek Holdings is a Singapore state-investment firm said that it has no role in Singapore Exchange Ltd.'s (S68. SG) decision to bid for ASX Ltd. (ASX. AU), the operator of the Australian stock exchange.

SEL Holdings is the entity through which Temasek indirectly own 2.5% stake in SGX, though no voting rights are given to SEL.

If Singapore Exchange's bidding for the ASX gets rejected then Australia would be downgrade to remote places status, warned by top chief executive.

The takeover will not be beneficial for Australia’s national interest said by Wayne Swanto the Singapore Exchange, but he retains the final decision over takeover.

To carry the merger, the Singapore Exchange has submitted extra documents to the Foreign Investment Review Board but the terms proposed by SGX remain unaltered.

Share registry company, Computershare Stuart Crosby’s chief executive said exchanges are merging around the world. He said that if this merger will not take place ASX will lose its international importance and fail to become a part of broader regional exchange. He further said that there is threat that Australia's stock market in global context with New Zealand will become insignificant.