Singapore Exchange (SGX) has announced plans to quote the American depositary receipts (ADRs) of 19 Asian companies on a new board called GlobalQuote.
The move will allow Asian investors to trade the ADRs during their own working day. It will also offer Asian investors exposure to some stocks that are currently not listed in Asia, like Baidu and Suntech Power Holdings. The new board will go live on October 22.
SGX is collaborating with exchange group NASDAQ OMX on the project, and hopes to bring more ADRs to GlobalQuote following the launch. The cooperation comes as exchanges worldwide look for new ways to offer investors round-the-clock equities trading.
‘Our ADR offering gives customers new opportunities to act quickly on information and news-flow about major Asian companies,’ explains Magnus Böcker, CEO of SGX, in a statement. ‘We will continue to add to our suite of securities on GlobalQuote through our work with NASDAQ OMX.’
The Bank of New York Mellon is acting as the depositary bank for the new board.
