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HK Joins Construction of " Global Equity Securities Market"
The Hong Kong Exchange revealed lately that it is negotiating on a partnership cooperative plan of "Global Equity Securities Market" (GESM) with nine major securities exchanges in the world, including New York, Tokyo, Australia, Euronext (Amsterdam, Brussels and Paris), Toronto, Mexico, St. Polo. The objective is to connect the member exchanges in a network under the principle of transparency, self-disciplined supervision.
The ten exchanges participating in this plan are the major securities markets of three time zones of Asia-pacific, Europe, and America. The total market value exceeds 20 trillion dollars, about half of which are listed companies in NY Exchange. GESM will try to provide a transparent, 24-hour-opearation global dealing mechanism for investors round the world while each member will keep its own independence and brand-name.
Li Yeguang, Chairman of HK Exchange remarked that Hong Kong fully supports the idea of developing a global market to link up the three time zones of the world and has long been cooperating with major international exchanges in achieving the goal.
Xu Yaohua, Operating President of HK Exchange Group said that HK Exchange just agreed with Nasdaq on implementing an experimental plan for dealing US securities in HK, thus setting the first step out in developing the global market.
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