Stephen Ip and Joe Hockey accompanied by their most senior policy advisers, regulators and exchange executives met today to discuss the potential for greater linkages between the Australian and Hong Kong financial services industries.
Such arrangements are becoming increasingly important with growing integration of global financial markets.
Hong Kong representatives at the meeting included Andrew Sheng, Chairman of the Hong Securities and Futures Commission and Kwong Ki Chi, Chief Executive of the Hong Kong Exchanges and Clearing Limited.
Australian representatives included Richard Humphry, Chief Executive of the Australian Stock Exchange, Robert Elstone, Chief Executive of the Sydney Futures Exchange and Jillian Segal, Deputy Chairman of Australian Securities and Investments Commission.
The meeting resolved to set up working groups to advance a range of matters where it was considered the prospect for meaningful development was highest.
The groups will look into greater co-operation in cross-border fundraising, intermediary licensing [including examination of competency and training regimes], market and clearing licensing, and enhancing the strong relationship between SFC and ASIC in areas of training, enforcement and surveillance.
This has been a solid first step in strengthening ties between our jurisdictions. We acknowledge that there is a lot of work to be done to achieve our common objectives.
One of the other outcomes of today's meeting was the signing of a Memorandum of Understanding between Hong Exchanges and Clearing and the Australian Stock Exchange.