UPDATE: Singapore Bourse To Launch New Board With ADRs Of 19 Firms
September 14 2010 - 3:02AM
Dow Jones News
Singapore Exchange Ltd. (S68.SG) said Tuesday its new board,
GlobalQuote, will begin operations on Oct. 22 with the American
depositary receipts of 19 major Asian companies, in the latest
attempt by the bourse to boost trading volumes and liquidity.
The Singapore Exchange is aggressively pursuing opportunities to
become an Asian Gateway for international issures and investors as
bourses around the region compete to list blue chips on their
respective exchanges.
GlobalQuote, which SGX has set up in collaboration with NASDAQ
OMX Group Inc. (NDAQ), will offer price quotes of international
securities such as depositary receipts and depositary shares of
companies that are already listed on other exchanges.
The companies on GlobalQuote will include Baidu Inc. (BIDU),
Aluminium Corp. of China, or Chinalco (ACH), and telecom majors
such as China Mobile Ltd. (CHL), China Telecom Corp. (CHA) and
China Unicom Hong Kong (0762.HK).
SGX said companies such as Baidu and Suntech Power Holdings Ltd.
(STP) don't have Asian home exchanges and the ADRs quoted on the
SGX will allow investors to trade the securities, which are fully
fungible with the U.S.-listed ADRs, during the Asian trading
day.
"Our ADR offering gives customers new opportunities to act
quickly on information and news-flow on major Asian companies. We
will continue to add to our suite of securities on GlobalQuote
through our work with NASDAQ OMX," Magnus Bocker, Singapore
Exchange's chief executive said.
GlobalQuote will also include the ADRs of companies such as
China Eastern Airlines Ltd. (0670.HK), China Petroleum &
Chemical Corp. (0386.HK) or Sinopec and Netease.com Inc.
(NETS).
"We also believe it will add significant value to our
U.S.-listed companies in Asia who can increase their exposure
amongst the Asian-Pacific investor community by giving them access
to local companies within local trading hours," Bob Greifeld, Chief
Executive of NASDAQ OMX said.
-By P.R. Venkat, Dow Jones Newswires; +65 64154 152;
venkat.pr@dowjones.com
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