When it was announced after two days of fevered speculation on October 25, the merger between the Australian Securities Exchange and the Singapore Exchange was undoubtedly the most exciting thing to happen to the heavily-localised Asian stock markets in decades.

The marriage of ASX and SGX, among the most technologically and structurally progressive of Asia's stock exchanges, represented a tantalising step change for the region, promising the creation of not only the first cross-border Asia-Pacific exchange but the fifth largest securities market operator in the world.