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Stock Exchange of Thailand Signs MOU With Chittagong Exchange

Date 13/12/2002

The Stock Exchange of Thailand (SET) has announces the signing of an MOU for mutual cooperation with the Chittagong Stock Exchange (CSE) to exchange information, knowledge, experience, and technology.

The President of the SET, Mr. Kittiratt Na-Ranong, announced today (December 13 2002) that the SET has signed an MOU with Mr. Mizra Salman Ispahani, the President of the CSE Bangladesh, with the Prime Minister of Bangladesh, Mrs. Begum Khaleda Zia, and the Thai Prime Minister, Dr. Thaksin Shinawatra, presiding over the ceremony at the Westin Riverside Plaza, Chiang Mai.

The SET President explained: "The MOU signed between the SET and CSE is a continuation of our plan aimed at establishing alliances with foreign bourses in addition to the international cooperation at the country level that the government has been undertaking. The objective of the MOU signing is to promote greater collaboration between our two bourses in the sharing of exchange information, technology, as well as knowledge and experience in operating issues facing us, which will help strengthen international relations between both our countries as well as the two exchanges."

The SET President added that the nature of the securities industry involves the dynamic of competition plus the need to adapt to a changing global environment, both of which will be enhanced by this collaboration between our exchanges.

"The CSE has great interest in developing its Internet trading, which will parallel the operation of SETTRADE.COM, a SET subsidiary. Therefore, there's a possibility that we can exchange information in that area of business as well as helping develop other systems mutually beneficial to both exchanges.

Currently the CSE has 183 listed companies and 10 member companies. It has provided Internet trading services and recognizes the importance of constantly upgrading its systems on an ongoing basis.

The signing of MOUs with other exchanges, either in the Asia-Pacific or other regions, is aimed at enhancing our competitiveness and the operational efficiency of the SET. The MOU will be a good start for future collaboration," Mr. Kittiratt said.

The SET has already signed MOUs with ten bourses in Asia-Pacific and the Americas altogether including the New York Stock Exchange, the Lima Stock Exchange in Peru, the Philadelphia Stock Exchange in the U.S., the Luxemburg Stock Exchange, the Pacific Stock Exchange in the U.S., the Australian Stock Exchange, the Tokyo Stock Exchange, the Ho Chi Minh Stock Exchange in Vietnam, the Taiwan Stock Exchange, and the Hong Kong Stock Exchange.