Australian Exchange Opens Hong Kong Office as Ties to Asia Growby
New ASX office in Hong Kong to be headed by James Keeley
ASX establishes direct connection for trading into Hong Kong
ASX Ltd., Australia’s main equities and derivatives exchange, said it will open an office in Hong Kong next week.
James Keeley, the firm’s Asian business development manager, will head the Hong Kong operation, according to a statement Friday. ASX said last month it will establish a direct connection hub in the city that offers traders faster and cheaper access to Sydney markets.
“Asia is the world’s fastest-growing economic region and the source of increasing ASX customer flows," Peter Hiom, ASX’s Deputy CEO, said in the statement. “Being closer to our customers in the region allows ASX to deliver a more timely, informed and competitive service.”
ASX has started a yuan settlement service with Bank of China and signed an agreement to work with the China Futures Association. ASX’s network is already connected to Singapore, London and Chicago, Chief Executive Officer Elmer Funke Kupper said last month.
ASX shares slid 2.4 percent as of 1:23 p.m. in Sydney, paring this year’s advance to 4.2 percent. The country’s benchmark S&P/ASX 200 Index lost 0.3 percent on Friday and is down 6.6 percent this year.