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.