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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.

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Under the new guidelines, Taiwan funds can put up to 10 percent of their net assets in any combination of the mainland futures and stocks, said the official at the region's Financial Supervisory Commission, speaking on condition of anonymity because he was not authorised to speak to the media.

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.