The financial regulator has given the green light for a major rival to Australia's stock exchange to start listing new companies on its market, piling further pressure on the ASX.

The Australian Securities and Investments Commission (ASIC) this morning announced it has approved Cboe Australia's listing market application, allowing it to list companies for investors to trade on its platform.

"Australia's capital markets are strong and resilient, but they must continue to adapt to evolving global market dynamics and meet the future needs of our economy," ASIC chair Joe Longo said.

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"This move will provide more choice for companies to list in Australia, build more links to offshore

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