Exchanges from Brazil, Russia, India, Hong Kong and South Africa unveiled a product-sharing agreement aimed at leveraging interest in their emerging markets.
Starting in the first half of next year, seven exchanges from the five markets—with a combined market capitalization of $9.02 trillion—will cross-list stock indexes from each of the exchanges. The exchanges are Brazil’s BM&F; Bovespa, Hong Kong Stock Exchanges & Clearing Ltd., Russia’s Micex and RTS, the Johannesburg Stock Exchange, and India’s BSE Ltd. and the National Stock Exchange of India.
“We are all looking for ways to grow, to expand our core market. Brics is a really big commodity play,” said HKEx Chief Executive Charles Li, who started the alliance, in reference to the emerging markets of Brazil, Russia, India, China and South Africa. “We are not yet getting our fair share” of the growth in the commodity sector, he said.
Source: Wall Street Journal