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HKEx, SGX To Cooperate On RMB Internationalisation

by Mary Swire, Lowtax.net, Hong Kong
06 December, 2013

Hong Kong Exchanges and Clearing Limited (HKEx) and Singapore Exchange (SGX) have agreed to cooperate in several areas of common interest, which include promoting the internationalization of the renminbi.

They would explore joint product development; enhance connectivity through points of presence in each other's data centers; and collaborate on technology development and regulatory issues. The two exchanges may work closely in relation to extraterritorial market infrastructure regulation impacting the Asian region as a whole.

Their cooperation is said to underline 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 RMB market, are on the agenda for market operators, regulators and participants alike.

HKEx Chief Executive Charles Li and SGX Chief executive Officer Magnus Böcker signed a memorandum of understanding (MOU) on the collaboration in Singapore on December 4, 2013.

Li said: "This MOU allows us to build on Hong Kong's position as the premier offshore RMB center by developing closer links with Singapore and helping regional investors deploy a growing pool of investable offshore RMB. 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."

Böcker added that the "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."

A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

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