The Taiwan Stock Exchange Corp (TWSE, 台灣證交所) signed a memorandum of understanding (MOU) yesterday with the BATS Exchange, the third-largest bourse in the US, on information sharing.
Under the MOU, Taiwanese and US investors would gain better access to information on Taiwanese companies that have dual listings, including listing prices, volume traded, settlement and blocktrades.
This improved access will strengthen the liquidity of Taiwanese American depositary receipts (ADR) and trading supervision, the TWSE said. “We are delighted to forge new links with this overseas exchange to improve the liquidity of Taiwanese stocks,” TWSE chairman Schive Chi (薛琦) said.
“We hope the MOU will lead to further cooperation in other areas,” he said.
Seven listed Taiwanese companies, including United Microelectronics Corp (聯電), Advanced Semiconductor Engineering Inc (日月光半導體) and Taiwan Semiconductor Manufacturing Co (台積電), have issued ADRs.
“Our efforts to internationalize the Taiwanese capital market go beyond forging new links with overseas exchanges,” Schive said. “Following the successful listing of Integrated Memory Logic Ltd, the first foreign company to list in Taiwan, we expect more than 50 foreign and Taiwanese companies to list or issue TDRs [Taiwanese depositary receipts] in Taiwan,” he said.
The BATS Exchange, founded in 2005, was launched as an electronic communication network in 2006 and upgraded to an exchange in August 2008. It accounts for about 10 percent of the total trading volume in the US, behind the NYSE Euronext and the NASDAQ OMX.
In an effort to strengthen cooperation with its international counterparts, the TWSE has signed MOUs with 27 overseas exchanges, including the NYSE Euronext, NASDAQ OMX, Chicago Mercantile Exchange and Chicago Board Options Exchange.
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