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Singapore and Hong Kong, Dec 4, 2013 - (ACN Newswire) - Hong Kong Exchanges and Clearing Limited (HKEx) and Singapore Exchange (SGX) today agreed to cooperate in several areas of common interest, which include promoting the internationalisation of the Renminbi by exploring joint product development; enhancing connectivity through points of presence in each other's data centres; collaborating on technology development and regulatory issues; and may work closely in relation to extraterritorial market infrastructure regulation impacting the Asian region.
The cooperation underlines the growing importance of regional dialogue on topical issues and opportunities in an industry where rapid advancements in market technologies, the impact of supra-national regulations and the international evolution of the offshore Renminbi market are on the agenda for market operators, regulators and participants alike.
HKEx Chief Executive Charles Li and SGX CEO Magnus Bocker signed a memorandum of understanding on the collaboration in Singapore today.
Mr Li said, "This MOU allows us to build on Hong Kong's position as the premier offshore Renminbi centre by developing closer links with Singapore and helping regional investors deploy a growing pool of investable offshore Renminbi. We are also very pleased to establish a framework for cooperation with SGX on global regulatory issues and technology development, two critical areas for exchanges."
Mr Bocker said, "Our collaboration with HKEx, through new products and services available on both exchanges, is yet another example how the Asian Gateway enables easier access to Chinese capital markets. By including regulatory collaboration in this partnership, we are paving the way for Asian markets to have a more prominent and unified voice regarding global developments and regulatory reforms."
About Hong Kong Exchanges and Clearing (HKEx)
HKEx Group is a leading operator of exchanges and clearing houses, and one of the world's largest exchange groups by market capitalisation. The Group includes HKEx, the company that operates Hong Kong's securities and derivatives markets and is the frontline regulator of companies listed in Hong Kong. In addition, HKEx provides clearing and settlement services through its clearing houses. The Group also owns the London Metal Exchange, the world's premier base metals market, and is an equal joint-venture partner with the Shanghai and Shenzhen stock exchanges in China Exchanges Services Company, which develops cross-border indices based on products traded on the three markets. For further information, please visit www.hkexgroup.com.
Contact:
HKex
Scott Sapp
Communications
Tel: +852 2840 3860
Email : ScottSapp@hkex.com.hk
Cam MacMurchy
Communications
Tel: +852 2840 3827
Email: CamMacMurchy@hkex.com.hk
SGX
Joan Lew
Marketing & Communications
Tel: +65 6236 8658
Email: joan.lew@sgx.com
Topic: New Service
Source: Singapore Exchange (SGX)
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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