City Exchange joins World Federation

The HCM City Stock Exchange was officially welcomed as a new member of the World Federation of Exchanges, at the federation's annual meeting held in Mexico yesterday.

The World Federation of Exchanges, established in 1960, was one of the world's biggest associations in the financial sector with 62 official members, 17 affiliates and 27 correspondent members.

The federation aims to enhance the accuracy of market statistics, improve transparency and efficiency, while promoting inter-market trades.

A representative from the HCM City stock exchange said the benefits of membership would provide opportunities to strengthen stock markets in Viet Nam.

Viet Nam's stock market is currently classified as a frontier market according to some stock market indices such as FTSE and MSCI. Officials said this classification had negatively affected the inflow of the foreign capital.

Officials are hoping membership with the World Federation of Exchanges will improve the credibility of Vietnamese stock markets among investors, and show when relevant standards are being met.

Stock exchange experts also said the world federation would help enhance the value of HCM City-listed stocks and attract more foreign capital.

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