This MOU will also provide a mechanism for the long term co-operation between the exchanges and assist in the maintenance of orderly markets in securities in each country.
Mr J Y Pillay, Chairman of SGX said, "SGX is happy to forge this link with ASX. We hope it will open an era of close collaboration between the two exchanges and lead to the establishment of a wider marketplace in the Asian region."
ASX believes it is vital to continue to engage in the region's financial markets in recognition of its importance to the global economy.
Mr Maurice Newman AM, ASX Chairman said, "This MOU is a significant step, not just for our two exchanges, but more broadly, it also reflects the important links between Singapore and Australian businesses and recognises that our links can only grow stronger into the new century. Australia knows that its future lies in a close relationship with its neighbours in the Asia-Pacific region."
"It would be rash to assume that stock exchanges of our size can prosper in national isolation. We need to support each other - a necessity which is not incompatible with competing at the same time. This MOU will build a direct bridge between our two exchanges, and enhance the close relationship we have already established," Mr Newman added.
