Taipei, June 27 (CNA) Taiwan's GreTai Securities Market (GTSM) signed a memorandum of understanding (MOU) with the United States' NASDAQ OMX to enhance cooperation a day earlier, according to a statement released by the Taiwanese company Wednesday.
GTSM Chairman Gordon Chen and NASDAQ OMX Chief Executive Officer Bob Greifeld signed the document Tuesday in Stockholm, Sweden at the 2012 Technology of the Future conference, an annual event that focuses on the development of international capital markets.
The two over-the-counter trading companies signed the agreement to establish frequent interchanges, communications and development mechanisms, as well as enhance information and personnel exchanges.
This is a major breakthrough for GTSM since becoming a member of the World Federation of Exchanges in October last year, Chen said.
NASDAQ OMX is one of the world leaders in the stock exchange market and the organization's development is similar to that of the Taiwan company, Chen added.
In addition, NASDAQ OMX's market scale is large, its commodities are diverse and it has excellent performance that makes it an organization worth studying and conducting interchanges with, Chen explained.
Chen noted that the Taiwan company had been seeking opportunities to form new partnerships with foreign stock exchange companies, and it hoped that the MOU will create opportunities for GTSM to become even more internationalized.
Greifeld said in his opening remarks that GTSM's management model can help lay the framework for cooperation and development between Taiwan and China's capital markets, and added there is great potential for the cross-Taiwan Strait market.
In addition, he pointed out the signing of the MOU can help increase the Taiwan market's international visibility, strengthen cooperation on multiple levels and make the Taiwan market closer to the international market, Greifeld pointed out.
GTSM also plays an important role in the Asia Pacific's emerging economies, Greifeld added.
(By Han Ting-ting and C.J. Lin)