Hong Kong Exchanges and ADX establish agreement for increased cooperation and joint initiatives
Abu Dhabi and Hong Kong Strengthen Financial Ties with Historic MoU
In a significant move, the Abu Dhabi Securities Exchange (ADX) and Hong Kong Exchanges and Clearing Limited (HKEX) have signed a Memorandum of Understanding (MoU) to deepen cooperation and shared ambition. This historic agreement, the first of its kind between the two financial centers, was announced during the Investopia Global - Hong Kong forum.
The MoU aims to expand investment opportunities between the two financial centers, building on the relationship between the two exchanges that stretches back to the signing of their first MoU in March 2007. The parties will explore dual listings, cross-border financing, and mechanisms to facilitate investment. Additionally, they will evaluate collaboration on exchange-traded funds and explore ESG-related products and indices.
The MoU also seeks to enhance the visibility of their respective capital markets in each other's markets by organizing joint events. This collaboration is expected to help build a dynamic and resilient financial landscape that benefits both regions and supports the continued growth of global capital markets, as stated by HKEX's CEO, Bonnie Y Chan.
The MoU between the Securities and Commodities Authority (SCA) and the Securities and Futures Commission of Hong Kong (SFC) is another significant aspect of this agreement. This MoU on the mutual recognition of investment funds and investment management companies will facilitate mutual market access and support the co-development of products and services.
The MoU was witnessed by Mohammad Alhawi, Undersecretary of the UAE Ministry of Investment, and Paul Chan Mo-po, Financial Secretary of Hong Kong SAR. The signing ceremony took place in Hong Kong, marking a milestone in financial collaboration between the Middle East and Asia.
It is worth noting that the MoU does not specify any timeframe for its implementation. However, the parties have expressed their commitment to working together to bring this collaboration to fruition.
The ADX's partnership with HKEX reinforces Abu Dhabi's position as a dynamic financial center committed to sustainable growth and shared prosperity. This move is expected to expand ADX's international presence and advance global connectivity.
In conclusion, the MoU between ADX and HKEX signifies a significant step forward in the financial collaboration between the Middle East and Asia. Both parties are optimistic about the potential benefits this partnership will bring to their respective regions and the global financial market.
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