Taiwan Stock Exchange (TSEC), Taiwan Futures Exchange (TAIFEX) and Taiwan Depository & Clearing Corporation (TDCC) signed Memoranda of Understanding (MoUs) with Deutsche Boerse Group on Tuesday in Taipei. The partners are striving to meet the recommendations of both Germany's and Taiwan's financial services industries and will explore bilateral business opportunities.
As a first step the parties have agreed to a framework for exchanging information. This includes regular meetings between senior executives, secondment of staff and joint research projects. Under the terms of the MoUs the parties will enter into detailed discussions and share expertise on a variety of fields, for example joint product development and distribution, design of new trading features and enhancement of data distribution.
Andreas Preuss, Member of the Executive Board of Deutsche Boerse and CEO of Eurex, the world’s largest derivatives exchange jointly owned by Deutsche Boerse and SWX Swiss Exchange, signed the MoUs with President Samuel J.S. Hsu of TSEC, President Steve C Wang of TAIFEX, and President Fortune Ju of TDCC.
"We are very pleased about our partnership with TSEC, TAIFEX and TDCC. Our agreements mark an important step towards bringing the European and Asian markets closer together. We look forward to contributing our expertise in trading, clearing, settlement, market data and IT into this partnership," says Preuss.
TSEC deems it high time to tie up with Deutsche Boerse for the benefit of all European and Asian investors and market participants," comments TSEC Chairman Dr. Gordon Chen. "With a history of just ten years, TAIFEX has achieved remarkable progress and has unparalleled local knowledge," remarks Dr. Wu, Chairman, TAIFEX. "I am convinced that the partnership between Deutsche Boerse and TAIFEX will contribute greatly to the mutual benefits of the two exchanges," he adds.