Mar. 14, 2017 JPX
Japan Exchange Group and The Saudi Stock Exchange sign a memorandum of understanding
Japan Exchange Group, Inc. (JPX) and the Saudi Stock Exchange (Tadawul) signed a memorandum of understanding (MOU) today.
Under the MOU, JPX and Tadawul will build a closer relationship through the exchange of information in areas of mutual interest and assist each other in market development. The two exchanges will also explore cooperation opportunities across a broad range of areas, including product development, cross-listing, joint marketing and promotion, and financial education.
Mr. Akira Kiyota, Group CEO of JPX, said, "Building on our close ties forged over many years, Japan and the Kingdom of Saudi Arabia are now progressing on various projects and strengthening our partnership even further. We are delighted to sign the MOU with Tadawul at this juncture and believe that this will enhance cooperation between our capital markets and add a new dimension to collaboration between our two countries. We recognize how fast Tadawul has been implementing a series of market reforms to open its markets and enhance the market functions lately. I hope this MOU will lay the foundations for further market development at both JPX and Tadawul, and look forward to working together to this end."
Mr. Khalid Abdullah Al Hussan, Chief Executive Officer of the Saudi Stock Exchange (Tadawul), said, "This memorandum will provide a framework for understanding and cooperation between Tadawul and Japan Exchange Group and it will work to strengthen the relations between both exchanges to support the development of both capital markets. We see this as the beginning of a long and prosperous relationship that will without a doubt open up new prospects and areas of future collaboration between both exchanges."
In addition, Mr. Hussan explained, "This memorandum comes in-line with Tadawul’s strategy of supporting capital market development. In addition, this initiative resonates with the Vision 2030 that calls for building 'an advanced capital market that is open to the world'."
About Japan Exchange Group, Inc. (JPX)
JPX offers Japan's most comprehensive integrated market infrastructure, with its business domain covering cash and derivatives market operation, self-regulation, and clearing. Tokyo Stock Exchange is home to more than 3,500 companies and a wide variety of ETP and REIT products, while Osaka Exchange provides highly liquid derivative products. In addition to efficient, stable and transparent market mechanisms, self-regulation at Japan Exchange Regulation and CCP functions provided by Japan Securities Clearing Corporation also contribute to trust and confidence in its robust and reliable market infrastructure. JPX will drive market development and continue to diversify its business portfolio as it pursues the next step forward towards becoming "Your Exchange of your Choice".
About Saudi Stock Exchange (Tadawul)
On the 19th of March 2007, the Council of Ministers approved the formation of The Saudi Stock Exchange (Tadawul). This was in accordance with Article-20 of the Capital Market Law establishing Tadawul as a joint stock company. Tadawul is the sole entity authorized in the Kingdom of Saudi Arabia to act as the Securities Exchange (the Exchange). It mainly carries out listing and trading in securities, as well as deposit, transfer, clearing, settlement, and registry of ownership of securities traded on the Exchange. The legal status, duties, and responsibilities of the Exchange and Depository Center are explicitly defined in the Capital Market Law issued by Royal Decree Number (M/30), dated on June 16, 2003. The Exchange is also the official source of all market information.
The capital of Tadawul is SAR 1,200,000,000 divided into 120,000,000 shares of equal value of SAR 10, all of which are cash shares subscribed by the Public Investment Fund. Tadawul is an affiliate member of the International Organization of Securities Commissions, the World Federation of Exchanges, and the Arab Federation of Exchanges.
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TEL:+81-3-3666-1361
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