 Prague Stock Exchange Signs Agreement With London |
A Memorandum of Co-operation (MoC) signed by the Prague Stock Exchange (PSE) and London Stock Exchange (LSE) today will pave the way to closer practical co-operation between the two exchanges and encourage Czech companies to cross list in London.
The MoC was signed by Chairman of the Chamber of the Prague Stock Exchange Petr Budinsky, Secretary General Pavel Hollmann and Ian Salter, Deputy Chairman of the London Stock Exchange.
The agreement, which supports the cross listing of companies and allows for sharing of development information, strengthens the relationship between exchanges by providing a framework for future collaboration between the two exchanges. The London Stock Exchange will also provide assistance to the PSE with its projects to improve disclosure requirements and market surveillance measures.
Welcoming the initiative at a signing ceremony in
Prague, Pavel Hollmann said: |
"We are very pleased that at this time when major European Stock Exchanges are merging, we were able to prepare a very helpful Memorandum of Co-operation with the London Stock Exchange."
Ian Salter added:
"This will pave the way for closer co-operation between our two stock exchanges and will support the orderliness of trading of Czech companies listed in Prague and London."
PSE and LSE wish to provide a mechanism for long term co-operation to facilitate the development of channels of communication and to foster a continuing relationship between the parties for the respective benefit of the Financial services industry in the Czech Republic and United Kingdom and to assist in the maintenance of orderly markets in securities in each state. The agreement takes effect today and will last for five years.
It includes:
The exchange of information on cross-listed securities.
Exchanges of information and staff to explain the functioning of the respective markets, including the possibility of secondment of staff.
assistance on the PSE project to enhance and develop PSE listing rules on disclosure.
assistance on the PSE project to develop effective market surveillance measures
There are currently four Czech companies listed on the London Stock Exchange: Komercni Banka, SPT Telecom, Ceske Radiokomunikace and Ceske Sporitelna. |
