Hong Kong Exchanges and Clearing is in talks with nine major exchanges to forge a global equity market with a capitalisation of more than US$20 trillion.
The market - to be called the Global Equity Market - would be aimed at providing investors around the world with a transparent, 24-hour trading environment for global companies, the exchanges said in joint news release yesterday.
Investors would be able to access the new market through their domestic stock exchanges, the statement said.
'The agreement we are formulating will strengthen and globalise our markets throughout the Americas and between time zones,' said Richard Grasso, chief executive of the New York Stock Exchange (NYSE), which is leading the discussions to set up the market. 'We are excited by the challenge this great opportunity presents.' Other exchanges involved in the talks are: Tokyo Stock Exchange, Australian Stock Exchange, Toronto Stock Exchange, Bolsa Mexicana de Valores, Bolsa de Valores de Sao Paulo, and Euronext - which groups the Amsterdam, Brussels and Paris bourses.
The exchanges have held explorative talks on the feasibility of the Global Equity Market, which would provide investors around the world with a transparent, 24-hour trading mechanism.
However, the exchanges gave no schedule for when the combined market would be formed.
