Japan Exchange Group and Bank of China Sign a Memorandum of Understanding
July 11 2014 - 7:14AM
Today, Japan Exchange Group, Inc. (TSE:JPX) and Bank of China
Limited (BOC) signed a comprehensive memorandum of understanding
(MOU) on establishing and developing a yuan-denominated financial
instruments market in Japan.
Under the MOU, JPX and BOC will jointly develop yuan-denominated
products and create a framework to facilitate the clearing and
settlement of yuan-denominated products in Japan. To realize our
aims, we will be considering the provision of yuan settlement
services by BOC in Japan and its membership of a Japanese
clearinghouse. We will also work together to attract more
investment from China to the Japanese market. To foster a mutually
beneficial long-term partnership, JPX and BOC will also strive to
share information and expertise across a broad range of issues and
build a framework for cooperation and collaboration through
personnel exchanges.
The deeper and stronger ties between JPX and BOC are expected to
bring greater diversity to products available to investors in both
Japan and China, raise the global appeal of the Japanese market,
and promote the further development of the offshore yuan
market.
Japan Exchange Group CEO Atsushi Saito said, "I believe that
this MOU presents us with a very good opportunity and platform to
strengthen the ties between the Japanese and Chinese financial and
capital markets. We can expect the development of yuan-denominated
products to bring a wider range of options to investors. I also
look forward to our contributions to the growing sophistication of
the offshore yuan market with the provision of yuan settlement
services in Japan by BOC."
Chairman of BOC Tian Guoli said, "As a financial institution
with the longest history in China, BOC is the most
internationalized and diversified bank of the country. It also
became the first Chinese bank to establish a branch in Japan in
July 1986. This MOU marks the start of cooperation between BOC and
JPX and I expect this to enable Chinese companies to be listed in
Japanese market and to issue bonds, and every investor to have
easier access to yuan-denominated financial products through
further globalization of the RMB market, joint development of
yuan-denominated products in the Japanese market, and designing a
clearing and settlement infrastructure."
Japan Exchange Group, Inc.
Japan Exchange Group, Inc., one of the leading exchange groups
in the world, is a holding company established on January 1, 2013
as a result of a business combination between Tokyo Stock Exchange,
the largest stock exchange in the Asia-Pacific region, and Osaka
Exchange, a major derivatives exchange. JPX listed its stock on TSE
on January 4 of the same year. The JPX stock market reached
approximately USD 4.5 trillion (JPY 478 trillion) in market
capitalization as of the end of December 2013. JPX also provides
derivatives markets for major Japanese contracts such as Nikkei 225
futures, TOPIX futures, and JGB futures.
Japan Exchange Group, Inc.
Bank of China Limited
As the only centenarian financial enterprise in China, BOC is
also the most internationalized and diversified bank of the
country, with operations spanning a wide variety of sectors
including commercial banking, investment banking, direct
investment, investment management, insurance, fund and leasing, and
overseas presence in 40 countries and regions. The Bank is the only
financial institution from emerging market economies that has
entered the list of global systematically important banks for three
consecutive years, and has been one of the "Fortune Global 500" for
25 straight years. It is ranked 7th by capital strength among banks
worldwide, with key financial indicators attaining world-leading
levels. As of the end of March 2014, BOC's total assets amounted to
RMB15.11 trillion.
Bank of China http://www.boc.cn/en/
CONTACT: Corporate Strategy
Japan Exchange Group, Inc.
TEL: +81-50-3377-7074
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