The proposed deal which spurred the spate of consolidation of exchanges seen over the past six months now looks likely to collapse.  Wayne Swan, Australia’s treasurer said on Tuesday he’s “disposed” to reject the Singapore Exchange’s planned A$8.4bn ($8.7bn) takeover of ASX as not in the national interest. Jeremy Grant, FT Trading Room editor, explains to Philip Stafford, how SGX will fare better from this failure than its Australian counterpart.