Mr Kwong said the Hong Kong and Australian exchanges had enjoyed a close and co-operative relationship for many years. “Signing of the Memorandum formalises many aspects of our relationship,” he said.
“It also recognises the changing circumstances in international financial markets. Advances in technology are driving the increased globalisation of the financial markets. Globalisation permits increased cross-border activities,” Mr. Kwong said.
He said exchanges and markets need to strengthen their co-operation and that the Memorandum of Understanding was a statement of intent by the Australian and Hong Kong markets to exchange market surveillance information.
Mr. Humphry welcomed the signing of the MOU. “This is the latest in a series of agreements ASX has established with other exchanges in the region to facilitate co-operation through sharing market information,” he said.
"These agreements help ensure the highest standards of integrity are maintained as the trend towards globalisation increases.”
Hong Kong market has entered into similar memoranda with about 40 other exchanges and fully recognises the benefits they bring to the market.
"We believe that market integrity is essential for long-term economic growth, and signing the Memorandum today is a first step, and a useful basis, for possible future co-operation," Mr Kwong said.
