The exchange's shareholding cap must be abolished and the bid stopped.

I have the greatest respect for Maurice Newman, who has long promoted freemarkets and Milton Friedman's philosophy in Australia. In fact, Newman sponsored Friedman's first visit to Australia. Hence, I am very disapointed that Newman (The Australian, January 27) has dismissed people such as me who oppose the Singagore takeover of the Australian Securities Exchange as living in a dream world for thinking Australia can ever succeed as a significant financial hub.

Certainly, if Singapore succeeds our dreams will have vanished.

Read the full opinion piece on The Australian website.