ASX and Stock Exchange of Thailand sign MoU

The Australian Stock Exchange (ASX) and the Stock Exchange of Thailand (SET) have signed a Memorandum of Understanding to enhance the lines of communication between the two exchanges. The memorandum was signed by the SET President, Mr Singh Tangtatswas, and ASX Chairman, Mr Maurice Newman AM in a ceremony held in Bangkok on June 25. Special guests at the signing were Dr Pisit Leeahtam, Thailand's Deputy Minister of Finance, and the Hon Joe Hockey, Australia's Minister for Financial Services and Regulation. ASX has now signed seven MoUs with Asia Pacific exchanges : Kuala Lumpur Stock Exchange (May 1996); Korea Stock Exchange (May 1996); Jakarta Stock Exchange (February 1997); Surabaya Stock Exchange (February 1997); Taiwan Stock Exchange (September 1997); Philippine Stock Exchange (November 1998); Stock Exchange of Thailand (June 1999). ASX believes it is vital to continue to engage in the region's financial markets in recognition of its importance to the global economy. "Australia knows that its future lies in a close relationship with its neighbours in the Asia Pacific region - potentially the third greatest geographical grouping, along with Europe and the Americas," Mr Newman said. "It would be rash to assume that stock exchanges of our size can prosper in national isolation. We need to support each other - which is not incompatible with competing with each other. That is the purpose of the Memorandum of Understanding that we signed today." "It does not commit either of us to specific future developments - that is not its purpose. Its purpose is to build a direct bridge between our two exchanges, and to enhance the close relationship we already have," Mr Newman said. "We regard this step as very significant, not just for our two exchanges, but more broadly. We see it is an indication of the way stock exchange relationships in our region are likely to develop as we move into the 21st century."