SINGAPORE - Southeast Asia's stock exchanges say they have picked a technology provider to set up a regional trading network between the bourses, with the aim of enabling cross-border dealing by the first quarter of 2012.
Singapore Exchange, Bursa Malaysia, The Philippine Stock Exchange and Stock Exchange of Thailand say they have appointed US technology firm Sungard to provide a cross-border trading platform and order routing service.
The move is part of a wider plan by the 10-country Association of South East Asian Nations (ASEAN) to transform itself into a unified trading bloc with free flow of capital by 2015. It was initially hoped that the link-up would have been in place by 2010 but was delayed by the development of the new platform.
"This forms an integral part of the various initiatives in achieving the overall objective of the ASEAN Exchanges Collaboration to promote the growth of the ASEAN capital market," said Dato' Tajuddin Atan, CEO of Bursa Malaysia.
Indonesia's stock exchange along with Vietnam's bourses in Ho Chi Minh and Hanoi hope to join the network in 2013.
Of the other ASEAN members, Laos opened a stock market in January, Cambodia plans to open one at the end of this year and Myanmar is in talks about developing one. Brunei is the remaining member.