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THE Philippine Stock Exchange (PSE) said it will form an alliance
with the Ho Chi Minh Stock Exchange (HOSE), one of the fastest
growing bourses in Southeast Asia.
In a statement, the PSE will sign a memorandum
of understanding (MOU) with HOSE for the mutual cooperation on
information and experience sharing, subject to the execution of
definitive implementing agreements.
The MOU is scheduled to be signed on September
25 this year in Vietnam.
HOSE has a total of 169 listed companies as of
last year from 26 listed firms in 2004.
In 2007, it registered 121 listed companies,
with value turnover of approximately $7 billion while domestic
market capital was over $9 billion as of last year.
“We intend to pursue this accord with HOSE to
foster international cooperation and mutual collaboration and
communication between our exchanges. Amid these uncertain times, we
remain keen on opportunities our neighboring markets have to
offer,” Francis Lim, PSE president and chief executive, said.
Besides Vietnam, the PSE inked an MOU with the
Shenzhen Stock Exchange in April.
Under the said accord, both exchanges agreed to
share information and experiences on volumes, market price
indicators and other pertinent information regarding their
respective past performances, market data management, rules and
regulations as well as practices regarding market regulation.
In February, the PSE also signed an
understanding with regional bourses to create a trading linkage
among Asean countries that will allow investors to buy or sell Asean-listed
securities through their local brokers. This will further enhance
PSE’s visibility in the region.
Among Asean bourses that teamed up with the PSE
to set-up the electronic linkage are Bursa Malaysia (BM), Indonesia
Stock Exchange (IDX), Singapore Exchange (SGX), and the Stock
Exchange of Thailand (SET).
This Asean electronic link is expected to be
launched in 2010, beginning with Bursa Malaysia and the Stock
Exchange of Thailand, followed by the Singapore Exchange and the PSE.
“We should not be contented with staying
local. By partnering with our peer exchanges in the Asean region,
the PSE is moving beyond its shores to draw strength from the
successes of other markets,” Lim said.
Last year the PSE also signed an MOU with the
New York Stock Exchange (NYSE) Euronext to establish a strategic
alliance to jointly develop new exchange-traded products, explore
new opportunities in trading system architecture and technology and
enhance market participant connectivity and data management.
--Chino S. Leyco
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