MAS signs Memorandum of Understanding with the Commission Des Valeurs Mobilieres Du Quebec
Singapore, 25 June 2001... The Commission des valeurs mobilieres du Quebec (CVMQ) and the Monetary Authority of Singapore (MAS) signed a Memorandum Understanding (MOU) on the exchange of information today in Stockholm.
2 The MOU will facilitate the exchange of information and mutual assistance between the two financial market regulatory authorities. Since Bourse de Montreal Inc. and the Singapore Exchange are both members of the Globex Alliance (Globex), an increase in cross-border transactions can be expected in the future. In particular, the MOU provides for both parties to offer mutual assistance in the supervision and oversight of securities markets and investigations.
3 The MOU was signed by Ms. Yeo Lian Sim, Deputy Managing Director of the MAS and Ms. Carmen Crepin, Chair of the CVMQ. "The increasingly international nature of operations, the creation of new alliances, as well as our mission to protect investors and support financial markets, have lead us to conclude this cooperation agreement," stated Carmen Crepin.
4 Concurring on the globalisation of financial markets which poses different challenges to regulators seeking to secure market integrity and protect investor interests, Ms Yeo said, "The signing of this MOU provides the basis for co-operation between CVMQ and MAS."
5 Globex is a world-wide network of derivatives markets on which negotiations are processed electronically. Globex members include the Chicago Mercantile Exchange (CME), ParisBourse SBFSA, the Singapore Exchange Derivatives Trading (SGX-DT), Brazil's Bolsa de Mercadorias & Futuros (BM&F), Spain's MEFF and Bourse de Montreal Inc. As part of Globex, each Member Exchange has direct access to all products offered in the six alliance markets.
6 The MOU was signed by the authorities concerned at the annual conference of the International Organization of Securities Commissions (IOSCO), which is being held in Stockholm from June 23 to June 29, 2001.