Sat, Dec 20, 2003 - Page 10 News List

Sean Chen proposes pan-Asian bourse

STAFF WRITER

Chairman of the Taiwan Stock Exchange Corp (證交所) Sean Chen (陳沖) proposed that his corporation should merge with the Taiwan Futures Exchange (期交所) and the Gretai Securities Market (櫃檯買賣中心), formerly known as TAISDAQ, into a unified body to beef up the competitiveness of the nation's capital markets.

"The merger will greatly help the integration of to-be-traded capital commodities," Chen told a seminar on Thursday to discuss the possible cooperation between Taiwan's and Hong Kong's capital markets.

Chen, in addition, proposed that the local bourse should interconnect with several Asian bourses to facilitate a greater Chinese index, which follows a basket of Asian stocks, to attract investors from Europe and the US.

Taiwanese businesses, which plan to go on trading on the TAIEX, should become a listed company in Hong Kong simultaneously and beforehand, Chen said, adding that a cross-border stock transaction platform in East Asian markets should also be facilitated.

He added that all of his proposals were technically feasible, awaiting an approval from the policy-maker, since he had privately conducted an exchange of views with his counterparts in Tokyo and Hong Kong bourses, who found the practice workable.

In response, local media cited an unidentified finance official that more discussion were required to discuss the feasibility of Chen's proposals.

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