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Deutsche Börse signs MoUs with Taiwanese exchange organisations

29 May 2007  |  1394 views  |  0 Source: Deutsche Börse

Taiwan Stock Exchange (TSEC), Taiwan Futures Exchange (TAIFEX) and Taiwan Depository & Clearing Corporation (TDCC) have signed Memoranda of Understanding (MoUs) with Deutsche Börse Group on Tuesday in Taipei.

The partners want to co-operate for the benefit of the financial services industries in Germany and Taiwan and will explore bilateral business opportunities.

As a first step the parties have agreed to a framework for exchanging information. This includes regular meetings between senior executives, secondment of staff and joint research projects. Under the terms of the MoUs the parties will enter into detailed discussions and share expertise on a variety of fields, for example joint product development and distribution, design of new trading features and enhancement of data distribution.

Andreas Preuss, Member of the Executive Board of Deutsche Boerse and CEO of Eurex, the world's largest derivatives exchange jointly owned by Deutsche Boerse and SWX Swiss Exchange, signed the MOUs with President Samuel J.S. Hsu of TSEC, President Steve C Wang of TAIFEX, and President Fortune Ju of TDCC.

"We are very pleased about our partnership with TSEC, TAIFEX and TDCC. Our agreements mark an important step towards bringing the European and Asian markets closer together. We look forward to contributing our expertise in trading, clearing, settlement, market data and IT into this partnership", said Andreas Preuss.

TSEC Chairman, Dr. Gordon Chen, emphasized, "To cope with the challenge of a rapidly changing global capital market, TSEC is proceeding to the markets consolidation on one hand, and to deepen internationalization on the other hand. TSEC deems it high time to tie up with Deutsche Börse to bridge European and Asian investors and market participants for all parties' ultimate benefits." Dr. Wu, Chairman of TAIFEX, added that "With its innovated products, services and IT technology, DBAG is renowned as the largest and the most efficient integrated capital market in Europe. In particular, its subsidiary, EUREX is the world's leading derivatives exchange. With a history of just ten years, TAIFEX has achieved remarkable progress and has unparalleled local knowledge. I am convinced that the partnership between DBAG and TAIFEX will contribute greatly to the mutual benefits of the two exchanges." President Ju of TDCC expressed that "Since 1991, companionate relationship has kept between TDCC and Clearstream DBAG along the years and this cooperation memorandum will gather us further progressive opportunities on exchange experiences in both business development and channels for sharing information based on our solid friendship."

TSEC, TAIFEX and TDCC have been endeavoring to achieve international collaboration with exchanges worldwide. It is valued as multiple win-win opportunities of developing a sustaining relationship with Deutsche Börse. The MOUs are for the long term interest of all parties in promoting securities, derivatives, and settlement/depository businesses. In the future, based on the new milestone, the securities and derivatives markets of Taiwan and German could further develop cross-listing and trading mechanism to bring cross-border prosperity to investors at both ends.

Deutsche Börse Group is currently active in a number of Asian countries. It aims to expand its existing global network and position itself as partner to infrastructure providers in the region. TSEC, TAIFEX and TDCC seek to increase the efficiency of their market and expand their reach through a partnership with a leading global exchange organization.

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