By South China Morning Post | Created at 2024-10-31 12:38:43 | Updated at 2024-10-31 15:30:14
3 hours ago
Hong Kong and Saudi Arabia’s financial market regulators are looking to cooperate to spur cross-border listing of stocks, exchange-traded funds (ETFs), bonds and other financial instruments, as officials aim to build stronger connections.
The Securities and Futures Commission (SFC) and Saudi’s Capital Market Authority (CMA) will sign an agreement to formalise their future collaborations, CEO Julia Leung Fung-yee said at a media briefing in Riyadh on Thursday. Both regulators could also implement staff secondment for training, she added.
“The SFC and the CMA agreed to be strategic partners to promote cross-border listings and trading of a wide range of financial products of the two markets,” she said. Regular meetings in Hong Kong or Riyadh can be arranged to pursue those goals, as suggested by CMA chairman Mohammed bin Abdullah Elkuwaiz, Leung added.
The collaboration adds to Hong Kong’s outreach in the Middle East over the past two years, including this week’s efforts by the city’s stock exchange operator and main technology park operator to strengthen market connections. The move was prompted by strained political and trade ties with the US over issues ranging from human rights to forced labour.
More than 100 Hong Kong financiers, executives and start-up founders are in Riyadh for the annual Future Investment Initiative summit. Two ETFs linked to stocks traded in Hong Kong made their debuts on the Saudi Stock Exchange (Tadawul) this week to underpin the ties.
