Taiwan Stock Exchange's chairman to push merger

The Taiwan Stock Exchange's (TSE) new chairman yesterday said he would continue to push for the delayed merger of four local exchanges.

"Integration of exchanges is a trend ? We will further study the four-way merger," Wu Rong-i (吳榮義) told reporters after a handover ceremony.

Regulations for the TSE, Taiwan Futures Exchange (TAIFEX) and the two other smaller exchanges differ, and the issue would have to be resolved before any merger could be executed, he said.

Wu said a meeting would take place this month among the four exchanges, and the direction of any merger would be discussed then.

Wu, previously chairman of the TAIFEX and vice premier when Frank Hsieh (謝長廷) led the Cabinet between February 2005 and January last year, was appointed to succeed Gordon Chen (陳樹) at the TSE.

Senior executive vice president Su Song-chin (蘇松欽) will take over from Samuel Hsu (許仁壽) and serve as TSE interim president.

"The prosperity of the stock market is critical to the nation's economic development and competitiveness ? The TSE will continue to better serve its investors," Wu said.