x

Abu Dhabi, UAEMonday 24 September 2018

ADGM, Shanghai Stock Exchange team up for Belt and Road Exchange

Exchange to service investors in the Belt and Road corridor

Richard Teng, chief executive of the Financial Services Regulatory Authority of ADGM, says ADGM looks forward to further cooperation with Shanghai Stock Exchange. Irene García León / The National
Richard Teng, chief executive of the Financial Services Regulatory Authority of ADGM, says ADGM looks forward to further cooperation with Shanghai Stock Exchange. Irene García León / The National

Abu Dhabi Global Market (ADGM) and the Shanghai Stock Exchange (SSE), China’s largest securities exchange, entered into a memorandum of understanding to establish a “Belt and Road” Exchange in ADGM to service the financial needs of issuers and investors along the Belt-and-Road route.

“We are pleased to support China’s 'One Belt One Road' initiative and look forward to further strengthening our relationship with Shanghai Stock Exchange as the 'Belt and Road' exchange is developed within ADGM,” said Richard Teng, chief executive of the Financial Services Regulatory Authority of ADGM. “We will work closely with our partner to better serve the ever-increasing capital and investment needs of both markets and our respective pools of international industry participants.”

_______________

Read More:

ADGM launches eCourt platform with Microsoft

ADGM Courts, Abu Dhabi Judicial Department sign co-operation agreement

_______________

The One Belt One Road initiative was unveiled by the Chinese government in 2013 to link China with countries through infrastructure projects in order to boost trade.The agreement, the first of its kind for SSE, comes in the wake of a budding relationship between the two platforms that has seen them exchange ideas around regulatory requirements and legal frameworks. SSE which has more than 1,300 listed companies, is the world's fourth-largest exchange, after the NYSE Group, Nasdaq and Japan Stock Exchange, with a market capitalisation of more than $5 trillion.

Since 2015, ADGM has entered into discussions and concluded significant cooperation agreements with key Chinese entities including the People’s Bank of China, the China Banking Regulatory Commission, the Shanghai Free Trade Zone, Qianhai Authority and the State Administration of Foreign Exchange.

“Shanghai Stock Exchange is pleased to enter into this landmark MOU with Abu Dhabi Global Market,” said Que Bo, deputy president of the Shanghai Stock Exchange.

“We will continue to work closely with ADGM and strategic partners to determine the operational model, product offerings and critical path to success in achieving the common objective of establishing a world-class One Belt One Road Exchange.”

RELATED ARTICLES
Recommended