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Taiwan Stock Exchange Corporation (TSEC) and the Philadelphia Stock Exchange Inc (PHLX) signed a Memorandum of Understanding (MOU) today on information sharing and cooperation.
The MOU, was signed by Dr. Rong-I Wu, Chairman of the TSEC, and Mr. Meyer S. Frucher, Chairman and CEO of the PHLX, By cooperating on information sharing with the first organized exchange in the U.S., the TSEC is taking a ”First step” on promoting the technology sector in Taiwan to U.S. index traders.
The MOU also reflects the significant interest and demand from U.S. traders on Taiwan technology stocks.
Dr. Wu, Chairman of TSEC commented:
“Taiwan technology companies are entrenched as part of the global IT value chain. Many popular consumer electronics products such as iphone, ipod, X-box, etc are produced by Taiwanese companies. U.S. index traders are beginning to see the value of technology play in Taiwan. For the benefit of the index trading community, Taiwan Stock Exchange has made significant reforms and marked improvements in its trading environment. This MOU with the Philadelphia Stock Exchange, the first organized exchange in the U.S., may be a step in stimulating the development of new financial instruments for both exchanges.”
The Taiwan bourse is one of the best performing stock markets in Asia despite the U.S. sub-prime crisis. Its benchmark TAIEX posted positive gains during the first quarter of 2008. Taiwan is also the leading gateway to capture growth opportunities in China and other emerging economies in South East Asia. Taiwanese businesses are amongst the biggest overseas investors in China, Vietnam, Thailand and Malaysia economies.
Mr. Meyer S. Frucher, Chairman and CEO of the PHLX commented:
“We are very pleased to have established collaboration with the Taiwan Stock Exchange. The MOU creates a strong foundation to foster closer ties and cooperation between our two exchanges.”
