Wandering China

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Shanghai to launch 24-hour trading [Channel News Asia/AFP]


Shanghai to launch 24-hour trading
Source – Channel News Asia, published December 13, 2010

SHANGHAI: Shanghai plans to be Asia’s top stock market by 2013 and launch 24-hour trading by the end of the decade as it works towards setting up an international board, state media said Monday.

The Shanghai Stock Exchange aims to be “one of the most influential” bourses in the world by 2020, the Shanghai Securities News said, citing a long-term development plan for the stock market.

Over the next three years, Shanghai will “vigorously promote the construction of the international board”, which will allow foreign companies and overseas-registered Chinese firms to list shares.

No official timeline has been announced for the launch of the board.

“Round-the-clock trading is a dream for any stock exchange,” Liu Xiaodong, deputy general manger of the Shanghai Stock Exchange, was quoted as saying in the China Daily at the weekend.

“Based on our current technology, it is very likely that we will launch it within 10 years. We are devoting great efforts to achieve that goal.”

Liu said the 24-hour trading service would help facilitate transactions on the country’s planned international board, helping overseas traders overcome time differences.

-AFP/wk

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Filed under: Channel News Asia, Charm Offensive, Chinese Model, Domestic Growth, Economics, Trade

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