Building a bourse with half a BRIC

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Building a bourse with half a BRIC, 金砖两国共组证交所

In February, the Shanghai Stock Exchange signed a cooperation agreement with BM&F Bovespa, the Brazilian stock exchange operator. The deal aims to facilitate dual listings on the two exchanges and reflects the strengthening economic links between the two nations.

Dual listings would allow Brazilian stocks to benefit from extra liquidity through easier access to Chinese cash. Major Brazilian companies, including oil company Petrobras and mining company Vale, are understood to be prime candidates for dual listing. In December last year, Vale became the first company to issue Hong Kong depositary receipts (HDRs) since the Hong Kong stock exchange introduced a framework allowing HDRs in July 2008.

News of the Brazil-Shanghai link-up came amid a wave of consolidation that swept the world’s stock markets in February. The London Stock Exchange proposed a merger with TMX, which owns and operates Canada’s two national stock exchanges. NYSE Euronext – already the product of a merger of the New York Stock Exchange and the operator of the stock exchanges in Brussels, Paris and Amsterdam – mooted a similar deal with Deutsche Borse. The Australian Stock Exchange and Singapore Stock Exchange are also in long-running merger discussions.

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