Exclusive: China, Saudi in talks for ETF cross-listings to bolster financial ties | Reuters
China and Saudi Arabia's stock exchanges are in talks to allow exchange-traded funds (ETFs) to list on each other's bourses, three sources familiar with the matter said, as the countries look to deepen financial ties amid warming diplomatic relations.
The talks are in the early stages, said the sources, and could mark a major first step by Beijing and Riyadh towards broadening cooperation beyond energy, security, and sensitive technology sectors.
The Shenzhen Stock Exchange, one of the two major bourses in the Chinese mainland, is in negotiations with the Saudi Tadawul Group (1111.SE), operator of the Saudi Stock Exchange, for ETF Connect, as the programme is called, two of the sources said.
For China, an 'ETF Connect' tie-up with Saudi Arabia will be the first such beyond East Asia and affirm a commitment to open up its trillions of dollars worth of financial markets to international investors.
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