ASEAN Exchanges eyes trading interconnectivity by Q1 2012
The heads of the stock exchanges of Manila, Kuala Lumpur, Singapore and Bangkok have chosen the technology provider that will interconnect their securities trading networks and they have set their sights on going âliveâ by March 2012. Chief executive officers of the four exchanges named SunGard to supply the business-to-business, cross-border routing and trading platform for the Association of Southeast Asian Nations (ASEAN) Exchange Collaboration project. The exchanges on Tuesday signed the agreement with SunGard. The project will link the Bursa Malaysia, Philippine Stock Exchange (PSE), Singapore Exchange (SGX) and the Stock Exchange of Thailand. Hans B. Sicat of PSE said, âThe ASEAN trading link will facilitate global trades especially for retail investors seeking a bigger exposure in a fast growing ASEAN market." SunGard is a Fortune 500 firm. According to its website, âSunGard Financial Systems supports the accounting and management of more than $25 trillion in investment assets and process more than 5 million trades each day." Nasser Khodri, Asia Pacific managing director of SunGardâs global trading business said, âThis important initiative represents a key milestone on the road to an integrated ASEAN capital market, and we are delighted to be chosen as a partner in this key initiative for the region." Cross-market trades SGX CEO Magnus Bocker said the linkage of the four ASEAN exchanges âwill enable investors to easily trade across markets in this region, the combined GDP growth of which is expected to average 6 percent annually across the ASEAN countries over the next 5 years. âWe expect this link will drive greater liquidity and investment mobility in ASEAN," Bocker added. âThe ASEAN trading link is an important development in enabling our markets to create greater ASEAN investment mobility amongst intermediaries namely the broker members and information vendors," according to Datoâ Tajuddin Atan, CEO of Bursa Malaysia. Charamporn Jotikasthira, president of SET, said other components are also needed to make the Exchange Collaboration project work. âThe ASEAN Exchanges will work together on marketing initiatives to promote the ASEAN link and the ASEAN asset class," Among others, there will be a networking event to promote cross-border partnerships among ASEAN brokers in Phuket in July," the Thai exchange president said. â With Earl Rosero/VS, GMA News