News Releases

NEW YORK, Oct. 15, 2003—The New York Stock Exchange (NYSE) and the Shanghai Stock Exchange (SSE) today signed a memorandum of understanding (MOU) in which the two exchanges agreed to further increase the cooperation and communication between both markets.

Under the terms of the MOU, the two exchanges agreed to share information with a view to further the development of both markets, assist each other in the maintenance of orderly markets, and facilitate channels of communication. The MOU also establishes a mechanism for the exchange of staff between both organizations.

“This arrangement formalizes our cooperative relationship with the Shanghai Stock Exchange,” said NYSE President, Co-Chief Operating Officer and Executive Vice Chairman Robert G. Britz. “It further advances the development of both markets and we look forward to advancing our partnership with the Shanghai Stock Exchange and the many outstanding listed companies from China to the benefit of investors and the financial-services industry in China and the U.S.”

"We are very pleased that the SSE and the NYSE have agreed to cooperate and communicate with each other in a more formal way,” said Shanghai Stock Exchange Chairman Liang Geng.   We highly value our partnership with the NYSE, the world’s leading equities market. This MOU enhances the international standing of the Shanghai Stock Exchange with global investors, and we look forward to extending our relationship with the NYSE.”

About the Shanghai Stock Exchange:

The Shanghai Stock Exchange was established in 1990 as a non-profit membership institution governed by the China Securities Regulatory Commission (CSRC). The SSE operates on the principle of "legislation, supervision, self-regulation and standardization" to create a transparent, open, safe and efficient marketplace. The SSE provides a marketplace and facilities for securities trading as well as formulating business rules, arranging listings, monitoring securities trading, regulating members and listed companies and managing and disseminating market information.

After thirteen years of operation, the SSE has become the preeminent stock market in China in terms of number of listed companies, number of shares listed and total market value, with 768 companies listed. The total market capitalization of the SSE is RMB 2.7 trillion ($326 billion).  The SSE has 180 members and 36 million investors.  A large number of companies from key industries, infrastructure and high-tech sectors have raised capital and improved their operation mechanism through listing on the Shanghai stock market. The SSE is fully committed to developing Shanghai into an international financial center. More information: www.sse.com.cn.

About the New York Stock Exchange:

The New York Stock Exchange is the world’s largest equities market, and more capital is raised at the NYSE than in any other equities market. A broad spectrum of market participants, including listed companies, individual investors, institutional investors and member firms, create the NYSE agency auction market. Buyers and sellers meet directly in a fair, open and orderly market to realize the best possible price through the interplay of supply and demand. On an average day, 1.42 billion shares valued at more than $38 billion trade on the NYSE.

The NYSE has nearly 2,800 listed companies, with a combined $14.8 trillion total global market capitalization. Of those 2,800 listed companies, the NYSE list includes 470 non-U.S. companies from 51 countries.

Companies listed on the NYSE meet the most stringent listing requirements, and range from the largest, well-known “blue-chips” to many of the world’s leading technology companies, as well as young, high-growth enterprises and privatized non-U.S. firms. For more information, please go to: www.nyse.com.