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Friday, April 8, 2011

ASEAN stock exchanges integration not achievable soon : RI minister

Nusa Dua, Bali (ANTARA News) - Indonesian Finance Minister Agus Martowardojo said the integration of ASEAN bourses cannot be realized soon as further studies and negotiations with ASEAN members on the matter were needed.

"About integration, we are still studying the harmonization of rules and regulations. We are still studying the professional standards. We must assure the players that the markets here and in other places are more or less the same in terms of standards," he said on the sidelines of the ASEAN finance ministers` meeting here on Friday.

He said Indonesia was right now still focusing more on improving the capacity and infrastructure of its share and capital market.

"We are still focusing on improving the capacity, infrastructure. We will welcome cooperation such as in website sharing but not more than that," he said.

The director of the Indonesia Stock Exchange, Ito Warsito, said diplomacy was needed to formulate mechanism for the settlement of potential conflicts or problems when connectivity was realized.

"Dispute mechanism resolution is needed before our stock exchange is linked with the regional exchanges. Unless it is available troubles may come when problems arise," he said.

With regard to that he said the stock exchange authority would refer it fully to the government to decide.

"This cannot be settled among stock exchanges but must be settled by states because it has to do with legal affairs," he said.

Initiatives have come up among members of the Association of Southeast Asian Nations (ASEAN) to integrate the region`s stock exchanges into an ASEAN Connect.

Six stock exchanges have agreed to integrate by the end of 2011 namely Bursa Malaysia Berhad, the Stock Exchange of Thailand, the Singapore Exchange Ltd., and the Philippines Stock Exchange.

Indonesia and Vietnam have not yet given their confirmation as to when they would join in the connectivity and integration of ASEAN stock exchanges.

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