Tokyo Bourse to Aid with Burmese Exchange Plans

The Tokyo Stock Exchange (TSE) and Daiwa Securities have announced the reception of preliminary approval for establishing a securities exchange in Burma.

Following a memorandum of understanding with the Central Bank of Myanmar (CBM), Burma's official name, the companies will assist with the establishment of a bourse and the operation of a capital market by 2015.

Daiwa has been involved in the country's economic system since the establishment of the Myanmar Securities Exchange Centre (MSEC) in 1996, although shares for just two firms are listed on it.

"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," says Takashi Fukai, president and representative director at Daiwa Institute of Research (DIR). "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."