April 11, 2012 / 12:45 AM / 6 years ago

UPDATE 1-Myanmar to set up securities exchange with Japan help -source

* Exchange to be set up by 2015

* Talks on setting up an exchange been ongoing for a year

By Emi Emoto

TOKYO, April 11 (Reuters) - Myanmar will set up a securities exchange by 2015 with the help of the Tokyo Stock Exchange and Daiwa Securities Group, a source in Japan familiar with the matter said on Wednesday.

Myanmar, in the grip of military rule for decades, has been undergoing a year of extraordinary political change that has led to an election victory for Nobel Peace Prize laureate Aung San Suu Kyi and opened the door for foreign investors in the isolated state.

Japan’s biggest bourse and the brokerage firm have reached an agreement with Myanmar’s central bank, the source said.

Daiwa Institute of Research, a division of Daiwa Securities, and a Myanmar state-owned bank set up the Myanmar Securities Exchange Centre, a 50-50 joint venture for over-the-counter stock trading and underwriting, in 1996.

Myanmar, the Tokyo bourse and Daiwa have been in talks to set up a securities exchange since last year, a Daiwa Institute of Research spokesman said.

Representatives for the Tokyo bourse and Daiwa said, however, that no agreement had been reached yet.

A memorandom of understanding about the establishment of the bourse will be signed by mid-May, said the source, who was not authorised to discuss the matter publicly before an official announcement.

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