The Chicago Board Options Exchange (CBOE) and the Korea Exchange (KRX) announced that they have signed a Memorandum of Understanding (MOU) which will establish a collaborative business relationship between the two exchanges.
Through the MOU, the exchanges will develop avenues of cooperation and business opportunities for both parties which will enhance the liquidity, efficiency and integrity of the markets operated by the two exchanges. CBOE and KRX will work to establish procedures for communication and the sharing of information, as well as exploring other areas of cooperation and business opportunities judged to be mutually beneficial by both parties. The two exchanges will also collaborate to secure approvals, authorisations, and agreements from regulatory authorities and relevant organisations of each party as necessary.
We are extremely pleased to enter into this agreement and expand our business relationship with our friends and colleagues at the Korea Exchange, says William J. Brodsky, chairman and CEO, CBOE. The financial marketplace is increasingly becoming more global, and opportunities such as this to create cross-continent relationships are essential to growing our business. The communication and cooperation created through this agreement will not only benefit both of our institutions, but both of our countrys financial markets.
I am truly delighted that our two exchanges agree to formally express our intents to collaborate with each other through todays MOU. KRX realises the importance of globalisation, and is eager to work with the CBOE, which has considerable expertise and experiences in operating the derivatives markets, says Jung-hawn Lee, chairman and CEO, KRX.
Korea Exchange chairman and CEO Jung-hwan Lee, CBOE chairman and CEO William J. Brodsky, and other Exchange officials finalised the MOU in a signing ceremony following a meeting of the board of directors of the World Federation of Exchanges (WFE) in Seoul, Korea. The Korea Exchange served as the host exchange for the WFE meeting.
The Korea Exchange (KRX) was created through the integration of the three existing Korean stock and futures markets — the Korea Stock Exchange, Korea Futures Exchange and KOSDAQ.