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Hong Kong and Shanghai exchanges co-operation to include ETFs

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Hong Kong Exchanges and Clearing and Shanghai Stock Exchange have signed a closer cooperation agreement which commits the two exchanges to work together more closely.

Hong Kong Exchanges and Clearing and Shanghai Stock Exchange have signed a closer cooperation agreement which commits the two exchanges to work together more closely.

They have committed to work towards the common goals of meeting the domestic and international fund-raising needs of Chinese enterprises for their continued development, including cooperation on products including exchange traded funds.

The two exchange groups have enjoyed a long-standing working relationship and have cooperated over the years in a number of different areas, including recently on a market data collaboration programme.

At the signing ceremony, chairman Ronald Arculli said that Hong Kong Exchanges hoped to contribute to the common goals by sharing its experience in implementing international standards and best practices, and what it has learned from its exposure to global investors and issuers.

"In the long term, the closer cooperation will help eliminate potential regulatory and operational arbitrage by aligning rules and regulations as well as the operations of markets and exchanges in the mainland and Hong Kong,’ he says.

‘We also see room for closer cooperation in product expansion not only on our markets but also on the Shanghai Stock Exchange and other mainland exchanges – such as a wider range of securities, including ETFs, callable bull/bear contracts and derivative warrants, as well as derivatives like futures and options based on A shares. That will ultimately benefit a wider range of market participants.

"We also look forward to the opportunity to learn more from the Shanghai Stock Exchange about the needs of mainland investors, and providing enhanced support to the Qualified Domestic Institutional Investor scheme.’

The agreement was signed by Shanghai Stock Exchange president Zhang Yujun and Hong Kong Exchanges and Clearing chief executive Paul Chow in Shanghai.

Other officials attending the ceremony included Shanghai vice mayor Tu Guangshao and Shanghai Stock Exchange chairman Geng Liang.

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