(Bloomberg) -- Nasdaq Inc. and Singapore Exchange Ltd. are teaming up to let companies list their shares on both markets.
The agreement between New York-based Nasdaq and Southeast Asia's largest exchange operator will enable companies to list on both venues and promote each other's markets. The companies confirmed the partnership, earlier reported by Bloomberg, in a statement on Wednesday.
“The agreement is the best of an East-West combination,” Chew Sutat, SGX's head of equities and fixed income, said in an interview. “Firms get access to both Asian and U.S. investors.”
Exchanges are exploring more tie-ups and pitching to customers outside their home markets as they seek to lure more initial public offerings. Nasdaq has been seeking to deepen ties with Asia as the region increasingly becomes a driver for its business.
The pact will help SGX boost its appeal to its technology industry after Sea Ltd., Southeast Asia's most valuable startup, chose to list in the U.S. instead of Singapore where it's headquartered. The company's stock was up 0.8 percent as of 9:14 a.m. local time Thursday.
Last month, Nasdaq inked a so-called memorandum of understanding with the Taiwan Stock Exchange to work closely in expanding their exchange-traded funds market.
SGX Chief Executive Officer Loh Boon Chye was in Chicago on Tuesday to open the company's first U.S. office.
To contact the reporters on this story: Andrea Tan in Singapore at atan17@bloomberg.net, Annie Massa in New York at amassa12@bloomberg.net.
To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Nick Baker at nbaker7@bloomberg.net, Trista Kelley
©2017 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
