TSE to let brokers outside Japan place orders, paper says.
The Tokyo Stock Exchange (TSE) plans to start allowing foreign brokerages without operating bases in Japan to place orders for Japanese equities, possibly next year, in line with a government deregulation step, the Nihon Keizai Shimbun reported Tuesday.
The government's new deregulation measure enables overseas brokerages without Japanese branches to participate in domestic stock trading from next April.
As a first step, the TSE plans to let securities firms that are members of the Australian Stock Exchange and the Singapore Exchange place orders for Japanese stocks, and has started to work out details of the trading framework with the two bourses, the business daily said.
Japanese brokers that are not members of the two exchanges may be allowed to trade there in the future, the paper said.
The planned move is aimed at attracting money from foreign investors and building a network of stock exchanges in Asia to fend off competition from the rapidly growing Shanghai Stock Exchange, it said.
The TSE will at first only accept orders for stocks of companies that are internationally well-known, the paper said.
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|Publication:||Japan Weekly Monitor|
|Date:||Jun 9, 2003|
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