Atsushi Saito, president & CEO, Tokyo Stock Exchange Group
"We take great pleasure in concluding this MOU with CBM and beginning our support of the formation of a capital market."
Daiwa Institute of Research Ltd., the core information-generating arm of Daiwa Securities Group, and Tokyo Stock Exchange Group, Inc. reached an agreement on April 10, 2012 to conclude a memorandum of understanding with the Central Bank of Myanmar pertaining to cooperation toward establishing a securities exchange and supporting the cultivation of a capital market in Myanmar.
DIR and TSE will establish Myanmar's first securities exchange and contribute to the development of a capital market within Myanmar. The MOU concluded with CBM is the first step in achieving this plan.
DIR began working in cooperation with Myanmar Economic Bank to establish Myanmar Securities Exchange Centre Co., Ltd. ("MSEC") and develop a securities market infrastructure in 1996, and has continued this support over the past 15 years. With the conclusion of this MOU, DIR will strengthen its support for the formation of a Myanmar capital market, including the cultivation of human resources and provision of know-how regarding the creation/operation of systems related to securities businesses.
TSE will participate in the establishment of Myanmar's first securities exchange, utilizing its knowledge as a securities exchange with the world's top-level of listed companies and trading volume. By providing its experience and technological expertise regarding the operation of a securities exchange market, TSE will work to create a fund-raising venue which is vital to corporate growth, while also focusing on investor education to promote market depth, and aiming to develop of the securities market overall.
Takashi Fukai, president and representative director of Daiwa Institute of Research Ltd., said, "With our 15 year history of supporting Myanmar, we are delighted to have the help of TSE and CBM as we enter a new stage in the formation of the Myanmar capital market. DIR hopes to continue contributing to the establishment and future development of a capital market, utilizing its strengths as the Daiwa Securities Group's core information-generating arm, while also modernizing Myanmar's financial systems and promoting the spread of IT throughout the country."
Atsushi Saito, president and CEO of Tokyo Stock Exchange Group, Inc., said, "Myanmar is a country with high prospects for capital market development and economic growth. We take great pleasure in concluding this MOU with CBM and beginning our support of the formation of a capital market. In particular, I feel our collaboration with DIR, which has long been involved in nurturing a securities market in Myanmar, will prove a boon to this effort as we offer support from both sides of the exchange and securities-related business. I am confident that the development of the capital market will contribute to Myanmar's overall growth and development."
Takashi Hibino, president and CEO of Daiwa Securities Group, Inc., said, "We have enjoyed a long history of supporting the development of a securities market in Myanmar and it is with great satisfaction as we take this new step forward alongside TSE, concluding an MOU with CBM. We look forward to utilizing the securities business expertise we have cultivated as a comprehensive securities group in Japan, and focusing the future efforts of the Daiwa Securities Group to contribute to the development of the Myanmar capital market."