LOCAL bourse operator Philippine Stock Exchange, Inc. (PSE) signed a memorandum of understanding with Shenzhen Stock Exchange (SZSE) to help boost investment prospects for both capital markets.
In a press release on Thursday, PSE President and Chief Executive Officer Ramon S. Monzon said the move “broadens the strategic alliance and strengthens the relationship between PSE and SZSE. We will explore new areas to work on that will be beneficial for both exchanges.”
The two signed the memorandum on Wednesday in their bid to strengthen the communication and economic cooperation between their capital markets.
Under the partnership, both will promote investing in the counterparty’s stock market and share regulatory practices, market development and information technology.
The two bourses will also pursue market connectivity through cross-border product development with specific undertakings subject to the signing of definitive agreements and regulatory approvals.
The relationship between the two started back in 2009 when they signed an agreement to undertake sharing of information on market-related matters.
The memorandum of understanding was later reaffirmed in December 2017 when SZSE officials visited PSE, which was followed by officers of PSE and the Securities and Exchange Commission’s visit to China the following year.
PSE and SZSE started their information and data sharing on their respective websites in February 2020.
“Among the main objectives of our collaboration with SZSE is to bring PSE up to par with neighboring stock exchanges. I believe that this partnership with one of the fastest-growing markets in Asia and the world will help us realize this,” Mr. Monzon said. — Justine Irish D. Tabile