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Exchanges seal deal to work closer

THE Shanghai Stock Exchange yesterday signed a closer cooperation agreement with its Hong Kong counterpart in information sharing, product development and talent training for the greater development of China's economy.

"We see room for cooperation to expand products not only on Hong Kong Exchanges but also on the Shanghai bourse and other mainland ones ? such as a wider range of securities, including ETFs, CBBCs and DWs, as well as derivatives like futures and options based on A shares," Ronald Arculli, chairman of Hong Kong Exchanges and Clearing Ltd, said yesterday in Shanghai.

Exchange traded funds, also called index-based products, enable investors to buy or sell shares in an entire benchmark portfolio.

"We are studying with the Shanghai Stock Exchange on dual-listed ETFs and related derivatives, including A share related options and futures," said Paul Chow Man-yiu, chief executive at Hong Kong Exchanges.

China's mainland is planning to unveil ETFs to track the nation's broadest blue-chip stock index. Zhang Yujun, general manager of the Shanghai bourse, yesterday said the ETF based on the key CSI 300 Index, which groups the biggest 300 mainland-traded firms by value, is set to be launched this year.

The Hong Kong bourse embraced the first ETF based on the CSI 300 in 2007.

Zhang also said the Shanghai exchange would launch margin trading and short-selling of stocks, product innovation and roll out a new trading system.

"The agreement commits us to work more closely towards meeting the domestic and international fund-raising needs of Chinese enterprises," said Arculli.




 

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