The newly-formed alliance between emerging market stock
exchanges could encourage a so-called Brics asset class, Hong
Kong stock exchange (HKEx) chief executive Charles Li has told
The HKEx-led joint initiative,
which was announced last week, will bring together
Brazils BM&F Bovespa, Russias Moscow Interbank
Currency Exchange, the Johannesburg Stock Exchange, and the
HKEx, as the initial China representative. The National Stock
Exchange of India and the Bombay stock exchange will join the
alliance after finalising outstanding requirements.
The member exchanges will begin
cross-listing benchmark equity index derivatives in local
currency on each others exchanges by June 2012.
The alliance will then focus on developing products
combining exposures to equity indices of all partners. In its
third phase the initiative will involve product developments