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Taiwan to allow investments in mainland futures
(Agencies)
Updated: 2009-04-15 16:31 Taiwan will allow local funds to invest in the mainland futures markets, the latest sign of warming cross-Straits ties under its current administration, a Taiwan regulatory official said on Wednesday.
Taiwan funds were previously allowed to invest in the mainland stocks but not in any of three futures markets, which are in the cities of Shanghai, Dalian and Zhengzhou. He said the guidelines would take effect when the two sides sign an economic agreement liberalizing rules governing investments by their financial institutions in each other's markets, which is expected by the end of May. The move comes as Taiwan allows the establishment of futures funds for the first time, in a move to diversify its markets to include more financial products. Two local financial firms, Cathay Financial and Polaris Securities, are in the process of setting up the island's first futures funds. Cathay said late last month it will launch Taiwan's first such fund, and is planning to raise NT$7 billion ($207 million) for that endeavour. (For more biz stories, please visit Industries)
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