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Chinese, Indian stock exchanges sign deal
By agencies
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Wednesday, 02 November 2005, 20:30 IST
BEIJING: India and China, the "twin engines" of Asian economic growth, have decided to step up their cooperation in the stock exchange sector for the first time with both sides inking an agreement to this effect.
China's Shenzhen Stock Exchange (SSE) intends to further develop cooperation with the National Stock Exchange of India (NSE), SSE board director Chen Dongzheng said yesterday in Shenzhen.
Speaking at the signing ceremony, Chen described China and India as the "twin engines" of Asian economic growth, Xinhua news agency reported from Shenzhen.
He said SSE and NSE also have many similarities: both were established at the beginning of the 1990s, both employ electronic technology for trading, and both achieved rapid development in a short period of time.
"The signing of the cooperation memorandum is a significant milestone for the two stock exchanges," he said.
The SSE is a mutualized organization that provides a venue for securities trading under the authorization of the China Securities Regulatory Commission (CSRC).
A broad spectrum of market participants, including 500 plus listed companies, 35 million institutional and individual investors and 200 or so exchanges members create the market.