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New stock trading plaza breaks ground
By Winny Wang and Zhang Fengming |
January 10, 2009, Saturday
|
Print Edition
Print Edition
CONSTRUCTION began yesterday on a financial trading plaza in Shanghai's Pudong New Area that will house the world's sixth-largest stock exchange and the country's financial futures bourse.
The plaza, which will cover 50,000 square meters at the intersection of Yanggao Road S. and Shiji Avenue, is being developed jointly by the Shanghai Stock Exchange, the China Financial Futures Exchange and China Securities Depository and Clearing Co Ltd, which provides clearing services for stock transactions.
Officials said the new facility will have advanced hardware support for the organizations. But even though reporters were invited to the groundbreaking, the completion date and other details about the project were not revealed.
The Shanghai Stock Exchange is the country's biggest, trading 864 listed companies with a market value of more than 10 trillion yuan (US1.46 trillion).
The China Financial Futures Exchange is preparing to launch stock index futures, a long-awaited product whose timing remains uncertain.
Shanghai's regulatory bodies for banking, insurance and securities sectors moved into the same area as the future stock exchange plaza last year. The site is also near the headquarters of Pudong's government.
The project represents another step in the city's effort to build itself into a leading international financial center. Experts said it will help improve the structure of the country's capital market.
"Shanghai will make full efforts to support the establishment of a multi-level capital market and is trying out innovative financial tools to enhance the market's function," Vice Mayor Tu Guangshao said yesterday.
"We will back up industry with capital and create a smooth environment to attract talent to work in Shanghai."
The plaza, which will cover 50,000 square meters at the intersection of Yanggao Road S. and Shiji Avenue, is being developed jointly by the Shanghai Stock Exchange, the China Financial Futures Exchange and China Securities Depository and Clearing Co Ltd, which provides clearing services for stock transactions.
Officials said the new facility will have advanced hardware support for the organizations. But even though reporters were invited to the groundbreaking, the completion date and other details about the project were not revealed.
The Shanghai Stock Exchange is the country's biggest, trading 864 listed companies with a market value of more than 10 trillion yuan (US1.46 trillion).
The China Financial Futures Exchange is preparing to launch stock index futures, a long-awaited product whose timing remains uncertain.
Shanghai's regulatory bodies for banking, insurance and securities sectors moved into the same area as the future stock exchange plaza last year. The site is also near the headquarters of Pudong's government.
The project represents another step in the city's effort to build itself into a leading international financial center. Experts said it will help improve the structure of the country's capital market.
"Shanghai will make full efforts to support the establishment of a multi-level capital market and is trying out innovative financial tools to enhance the market's function," Vice Mayor Tu Guangshao said yesterday.
"We will back up industry with capital and create a smooth environment to attract talent to work in Shanghai."
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