Taiwan Stock Exchange Corporation, the world’s 12th largest bourse, said on Tuesday it aims to sign cooperation agreements with three foreign exchanges in 2003 to promote cross-border trading.
The exchange plans to complete details for cross-border trading, including setting up the stock delivery system, by June 30, 2003, exchange chairman Sean Chen told a year-end news conference.
”We are seeking potential partners that have preliminary understanding of our market and whose markets are familiar to our investors, so the trade will be in both directions,” Chen said.
Chen declined to identify the likely partners, but he had previously named Singapore as one of them.
Exchange officials said countries located in the same time zone are preferred.
The exchange is also scheduled to sign memorandum of understandings (MOUs) with exchanges in London, Luxembourg and Johannesburg in the first half of 2003 to encourage Taiwan firms to issue more global depositary receipts and convertible bonds there and foreign firms to issue Taiwan depositary receipts on the local exchange, Chen said. – Reuters