Taiwan Stock Exchange and International Securities Exchange sign MOU

  
    
  
  
    
      Taiwan Stock Exchange Corporation (TSEC) and the International 
      Securities Exchange (ISE) signed a Memorandum of Understanding (MOU) 
      today on information sharing and cooperation.
    
    
      The MOU, signed by Dr. Rong-I Wu, Chairman of the TSEC, and Gary Katz, 
      President and CEO of ISE, marked the beginning of closer collaboration 
      between Taiwan and US bourses. Cooperation on information sharing will 
      facilitate the trading of Exchange Traded Funds (ETFs) on the ISE Stock 
      Exchange and listing options on those ETFs as well as certain indexes. 
      With this MOU in place, US investors will have greater access to 
      financial instruments that track the performance of Taiwanese companies.
    
    
      Dr. Wu, Chairman of TSEC, commented:
    
    
      
        
          "US-based investors are beginning to see the value of investing into 
          Taiwan. For the benefit of the index trading community, Taiwan Stock 
          Exchange has made significant reforms and marked improvement in its 
          trading environment to align with international practices. Building 
          an alliance with the International Securities Exchange, the world's 
          largest equity options exchange, will help stimulate the development 
          of ETFs for both exchanges."
        
      
    
    
      The Taiwan bourse is one of the best performing stock markets in Asia 
      despite the US sub-prime crisis. Its benchmark TAIEX posted positive 
      gains during the first quarter of 2008. Taiwan is also the leading 
      gateway to capture growth opportunities in China and other emerging 
      economies in South East Asia. Taiwanese businesses are amongst the 
      biggest overseas investors in China, Vietnam, Thailand and Malaysia.
    
    
      Currently, there are 3 ETFs/indexes, which contain leading Taiwanese 
      industrial, technology and financial companies as constituents, listed 
      for options trading on ISE. Several additional Taiwan-related ETFs or 
      indexes may be added later this year for trading on ISE�s 
      options exchange and on the ISE Stock Exchange. Both exchanges believe 
      that the agreement will contribute to their further growth and stimulate 
      active trading of securities that have Taiwanese-based component 
      companies.
    
    
      Gary Katz, President and CEO of ISE, commented:
    
    
      
        
          "We are very pleased to have established this agreement with the 
          Taiwan Stock Exchange and view it as an important first step in 
          developing options on leading indexes and ETFs related to Taiwan. 
          The MOU will also enable us to expand the international ETFs that 
          will be traded on the ISE Stock Exchange and creates a strong 
          foundation to foster closer ties and cooperation between our two 
          exchanges."
        
      
    
    
      About Taiwan Stock Exchange Corporation
    
    
      Founded in 1961, TSEC works with the Financial Supervisory Commission 
      (FSC) to regulate Taiwan's stock market, enhance market transparency and 
      improve market infrastructure. It currently offers trading markets for 
      stocks, warrants, Exchange-Traded Funds (ETFs), Taiwan Depository 
      Receipts (TDRs) and corporate bonds.
    
    
      About International Securities Exchange
    
    
      The International Securities Exchange operates a family of fully 
      electronic trading platforms, creating efficient markets through 
      innovative technology and market structure. ISE�s 
      markets portfolio consists of an options exchange and a stock exchange. 
      As the world�s largest equity options trading 
      venue, ISE offers options on equities, ETFs, indexes, and FX. The ISE 
      Stock Exchange trades approximately 6,000 products, and is the only 
      fully electronic equities platform that provides the opportunity for 
      continuous price improvement through the interaction of its 
      non-displayed liquidity pool, MidPoint Match, and its displayed stock 
      market. ISE Alternative Markets is scheduled to launch in 2008 and will 
      offer a parimutuel trading platform for derivatives auctions. To 
      complement its markets and enable investors to trade smarter, ISE 
      creates innovative new products including a portfolio of proprietary 
      indexes and enhanced market data for sophisticated investors.
    
    
      ISE is a wholly owned subsidiary of Eurex, a leading global derivatives 
      exchange. Eurex itself is jointly owned by Deutsche B�rse 
      AG (Ticker: DB1) and SWX Swiss Exchange. Together, Eurex and ISE are the 
      global market leader in individual equity and equity index derivatives.