Australian share market operator ASX Ltd has no plans to merge with any Asian market operators.
ASX chief executive Elmer Funke Kupper said the opportunities for consolidation between market operators were in the United States and Europe where there was pressure to gain scale.
"We don't have any pressure nor do we have any plans (for a merger)," Mr Funke Kupper told reporters at a British Australian Chamber of Commerce lunch.
ASX raised $553 million in capital in June, prompting speculation that the stock market operator was clearing debt to free it up to take part in a merger.
Mr Funke Kupper said at the time that the capital raising was linked to tough new global rules requiring minimum money to be kept in its clearing business.
In 2011, the Singapore Exchange was blocked from taking over the Australian Securities Exchange in an $8 billion deal on national interest grounds.
Mr Funke Kupper also urged that a review of the financial system mooted by Treasurer Joe Hockey be broader than just a focus on the financial settings in Australia.
"These reviews are not just about stability and competition domestically. They're also about the competitiveness of the country, not just the settings in the country," he said.
"And I think that has to be an increasing focus, that we don't just adopt policies from overseas that are not particularly relevant to us."
Mr Funke Kupper said he would like to see reviews of the financial sector set horizons longer than 18 months or two years before the next review.
He said businesses make material investments in infrastructure and need decisions based on a time frame of five to 10 years.
Shares in ASX were six cents higher at $34.22 at 1550 AEDT.
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