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GTSM, London Stock Exchange to engage in cooperation

LONDON -- Taiwan's GreTai Securities Market (GTSM) said Tuesday it will forge business ties with the London Stock Exchange (LSE) in a bid to provide better services to investors in Europe and Asia.

The GTSM, which operates Taiwan's over-the-counter market, is scheduled to hold a meeting with the LSE in early June to map out the details of the bilateral cooperation, said GTSM Chairman Soushan Wu (吳壽山) after a visit to the LSE Tuesday.

While in London, Wu also attended an annual joint meeting of the Taiwan-Britain Business Council on Monday and co-chaired a panel discussion on the financial and professional services sectors of both countries.

On its website, the GTSM said it is interested in working with the British financial sector to push for a cross-border Chinese yuan offshore trading center and a yuan-denominated bond market in Taiwan and Britain.

In the meeting in London, the participants from Taiwan and Britain agreed to push Taiwanese financial institutions to launch yuan trading and yuan swap businesses. They also agreed to encourage Taiwanese and British banks to issue yuan-denominated bonds simultaneously in Taiwan, Britain, Hong Kong and Singapore.

The GTSM has set a goal of encouraging local and foreign enterprises to issue 10.4 billion yuan (US$1.68 billion) to 14 billion yuan worth of yuan-denominated bonds in Taiwan this year, up from 10.6 billion yuan issued last year. The yuan denominated bonds issued in Taiwan are called Formosa bonds.

The 2014 Formosa bond issuance goal will include 1.5 billion yuan to 3 billion yuan to be sold by enterprises from Europe.

So far, the GTSM has signed memoranda of understanding on cooperation with 15 exchanges worldwide, including the Hong Kong Exchanges and Clearing Ltd., the Korea Exchange Ltd., and the NASDAQ OMX Group.

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