KUALA
LUMPUR (May 31, 2012): The
soon-to-be-established Asean trading link will create an integrated Asean
capital market that will raise the profile of the region's securities to the
global investment community, Bursa Malaysia Bhd CEO Datuk Tajuddin Atan said.
"We
are trying to put forward the Asean class. We could actually learn from the
mistakes of the developed economy and that mistake needs to be solidified and
it is something that we are working on. It's a slow step but the objective is
achieving that particular destination," he told reporters on the sidelines
of Invest Malaysia 2012 here yesterday.
According
to Tajuddin, the Asean Trading Link will start with Bursa Malaysia and
Singapore Exchange (SGX) in June, with the Stock Exchange of Thailand (SET)
coming in in August, and the rest when they are ready.
Bursa
Malaysia, SGX, SET, Indonesia Stock Exchange, Hanoi Stock Exchange, Ho Chi Minh
Stock Exchange and the Philippine Stock Exchange Inc signed a memorandum of
understanding in 2009 to form the Asean electronic trading link to enhance the
competitiveness of their capital markets.
It will
allow intra-Asean cross-border trading through one single access point and is
expected to attract more international funds into Asean countries.
Securities
Commission of Malaysia chairman Datuk Ranjit Ajit Singh said as regulator, it
focuses on efforts such as creating regulatory alignment and harmonisation,
having expedited the framework for secondary listings and making it easier for
collective investment scheme distributed between different jurisdictions.
"We
have to think about integration in the context of Asean, which is not
necessarily the model adopted from Europe. That's very important because there
are lots of areas whereby the focus of capital market integration are about
creating opportunities for cross-border flows and for markets to have more
access," he said, responding to a question on the challenges of
harmonising regulations in Asean markets.
"Essentially,
it is about being able to mobilise the large pool of savings within the region
to be able to be channelled for investment within the region," he said.
Ranjit
said over 3,600 companies were listed on the Asean exchanges last year and
their total market capitalisation was US$1.8 trillion (RM5.69 trillion).
He said
the harmonisation of rules was intended to create an environment for common
disclosure standards for cross listing.
"The
other harmonisation angle that we are looking towards is making it easier for
professionals operating in the different jurisdictions to be able to work in
different Asean countries," he added.
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