黄色大片影院视频免费,在线观看视频日韩,天天操天天操天天干,久久青青91费线频观青

By ()
Updated: 2007-06-29 11:17

Discovering that size does matter, stock exchanges around the world are rushing to establish alliances and partnerships with one another that could lead to outright mergers and acquisitions.

The London Stock Exchange recently announced it has bought Italy's Borsa Italiana SpA for 1.63 billion euros. Weeks before that, Tokyo Stock Exchange said it has bought a 4.99 percent stake in Singapore Exchange Ltd to enhance cooperation on derivatives business between the two bourses.

This cooperation between two Asian bourses has given a renewed impetus to the idea of creating a link between the Hong Kong stock exchange (HKSE) and the Shanghai and Shenzhen exchanges as many mainland companies are listed on both bourses.

Economists and analysts say stock exchanges are being prompted to look for partners by rising trading costs, fierce competition in wooing companies to list, fast-growing derivative products and the ballooning turnover of hedge funds.

"International stock exchanges are in a hurry to expand their businesses to vie for the limited capital market resources," said Sun Lijian, a professor with Fudan University.

"Stock exchanges are seeking cooperation in different areas to provide differential services to clients, and avoid the fierce competition with sub-market leaders," he added.

For example, the Tokyo Stock Exchange is beginning to focus on the derivative market instead of providing the traditional capital settlement service, which is Hong Kong's main strength.

Asked if similar possibilities of merger and acquisition exists between Hong Kong and Shanghai stock exchanges, Zhou Wenyao, the admin president of HKSE, told Security Times that there is no such possibility at the moment because the renminbi is not freely convertible and the mainland stock exchange has not been listed.

"Besides, the restriction of capital account has not been totally eased," said Sun.

But the benefits from a merger of two bourses, if it ever happens, are enormous.

Joseph Yam, chief executive of the Hong Kong Monetary Authority (HKMA), said in his recent report: "It's clear, at least to me, that there would be big advantages if the two markets were linked: overall liquidity would be increased, price discovery would be made more efficient, market discipline would be promoted, and it would be easier for market players, intermediaries and the authorities to manage risks."

The mainland is now the fourth-largest economy in the world in terms of gross domestic product, the third-largest trading nation, and the largest holder of foreign reserves.

"The creation of a channel between the two markets will allow them to function as one and enjoy the benefits of one, much larger market," he said.

Shanghai Stock Exchange (SSE) now ranks ninth in the world in terms of total market value and seventh by total turnover, according to statistics from the World Federation of Exchanges.

In the past six months alone, the market capitalization in SSE has increased 99 percent to 14.2 trillion yuan, while the daily turnover is up 455 percent to 133 billion yuan.

Meanwhile, the average daily turnover at HKSE was as high as HKUS$33.9 billion in 2006, up 85 percent from the year before. Its net profit was up 88 percent to HKUS$2.519 billion.

The only cooperation between the Shanghai and Hong Kong stock exchanges till now is the memorandum of understanding (MOU) signed in May 2002 on staff training exchange.

Yam said the Hong Kong stock exchange, together with the Shanghai and Shenzhen bourses, organized two working groups last year to research on how to improve the mechanism of an "A+H" listing, including the simultaneous trading suspension, suspension-lifting rules, and synchronous price quoting.

"If we are to achieve that channel between the mainland and Hong Kong financial markets, it will be necessary for the authorities in both jurisdictions to establish a working relationship between the two financial systems that will enable the country to benefit from the opportunities arising from the differences between them," said Yam in his report.

The bourse acquisition spree began with the New York Stock Exchange buying 91.42 percent shares of Pan-European Stock Exchange for US$11 billion last June. The stock-trading platform, currently connecting New York, Paris, Brussels, Amsterdam, Lisbon and London, has an average daily turnover of US$120 billion.