The Australian Financial Markets Association (AFMA) has signed a memorandum of understanding (MOU) with its Chinese counterpart, the Securities Association of China (SAC), to work together on capital markets development.
Under the agreement, the associations promise to cooperate and exchange information on relevant laws and regulations, international clearance and settlement procedures, accreditation of professionals and changes in securities trading practices.
The agreement was signed on Sunday by AFMA acting chairman Chum Darvall, who is also chief executive of Deutsche Bank Australia, and SAC chairman Huang Xianping in Beijing.
"The MOU between AFMA and SAC will lay the foundation for a solid bridge of cooperation between our two associations," Darvall said.
The Australian Minister for Trade Simon Crean, who has been in negotiations with the Chinese commerce minister on a free-trade agreement, has welcomed the MOU.
"Services only account for 23 per cent of our exports," he said.
"There is therefore great potential to improve our export of services, including financial services, particularly to China - our largest trading partner and one of the fastest growing markets in the world."
In June, China extended its Qualified Domestic Institutional Investor (QDII) program to include Australia.
