March 7, 2018 / 12:20 AM / 10 months ago

UPDATE 1-NZX, Singapore Exchange sign MoU to expand Asia-Pacific presence

(Adds detail on NZX’s push to expand presence)

March 7 (Reuters) - New Zealand’s stock exchange NZX Ltd said on Wednesday it signed a memorandum of understanding (MoU) with Singapore Exchange to expand their co-operation in Asia-Pacific markets.

Under the MoU terms, NZX and Singapore Exchange will cooperate on a range of areas, including promotion of derivatives products and dual and secondary listings, the company said in a statement.

NZX has been putting emphasis on deepening the market and increasing its exposure to global markets after it saw a dearth of listings and the departure of major players last year. It was also targeting overseas firms operating in New Zealand, particularly in the insurance, travel and industrial sectors.

“As part of NZX’s refreshed strategy, we made a strategic decision to shift our focus away from the regional stock exchange model, instead we focus on creating strong partnerships with global exchanges,” Chairman James Miller said.

The stock exchange signed a similar deal in January with Hong Kong Exchanges and Clearing. (Reporting by Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips)

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