PSE approves links with ASEAN markets
Agence France-Presse
First Posted 12:51:00 10/07/2008
MANILA, Philippines -- The Philippine Stock Exchange has approved a scheme allowing cross-border trading, officials announced Tuesday.
The ASEAN-board will link the Philippines with exchanges in Malaysia, Vietnam, Indonesia, Singapore and Thailand, which are members of the Association of Southeast Asian Nations (ASEAN).
According to a statement by the Philippine Stock Exchange (PSE), this does not mean a common exchange but a link that will allow investors from ASEAN countries to buy or sell ASEAN-listed securities through their local brokers.
"Not only will the project mean a more meaningful partnership with our ASEAN counterparts, it will also lay the foundation for an integrated and stronger ASEAN stock market," PSE president Francis Lim was quoted as saying.
"The urgency of developing linkages among ASEAN exchanges arises mainly from global pressures that could make small exchanges irrelevant in the global financial market arena," the PSE added.
The Philippines is ranked 40th in the world in terms of market capitalization, according to the PSE.
While the agreement has been approved by the PSE board, it has yet to be formally signed, the exchange added.
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