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Taiwan exchange, Abu Dhabi market may co-list funds

The Taiwan Stock Exchange and Abu Dhabi Securities Market may co-list Islamic funds on their respective stock exchanges as part of a cooperative agreement signed between the two.

The two exchanges signed the agreement to share experience and encourage cross-listings, they said in a statement today. Taiwan also expects a similar tie-up with other Middle East exchanges such as the Dubai International Financial Exchange Ltd, said Wu Rong-i (吳榮義), chairman of the Taiwan Stock Exchange Corp.

"Both sides have agreed to study exchange-traded funds, especially Islamic-related funds," Wu said in an interview today from Dubai. "Taiwan can play gateway to Asia-Pacific and the UAE can play the same role in the Middle East."

The Taiwan Stock Exchange is looking overseas to lure more investment to the bourse ahead of a merger and public share sale.

The exchange expects to list approximately 20 percent of its shares by the first quarter of 2009 after it merges with the island's smaller bourses to create a new entity with total capital of US$1.3 billion, Wu said.

Taiwan's Cabinet proposed a revision to current laws in October that would allow the Taiwan Stock Exchange to merge with the GRETAI stock exchange, Taiwan Futures Exchange, and the Taiwan Depository & Clearing Corp.

The Taiwan Stock Exchange is targeting 40 new net listings next year following the March presidential election, Wu said.

"After the next March election, we will have a more open policy toward China, and how open it is, of course we'll wait and see," he said.
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