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TSEC's role could be redefined, says expert

TSEC's role could be redefined, says expert

A German business consultant yesterday suggested that Taiwan should redefine the role of it stock exchange market as "Asian Nasdaq" and seek cooperation with other stock exchanges to make it a strategic partner of European and American stock markets.
Philipp Harle, a board member of McKinsey's office in Munich, made the remark in his speech at a banquet in Taipei given by the Taiwan Stock Exchange Corporation.
Addressing the occasion, TSEC Board chairman Wu Rong-yi said integration of different types of stock and security stock exchanges in different countries has become a worldwide trend.
Wu, who had served as vice premier and as a chief economic adviser to the DPP government, said the TSEC is seeking cooperation with its counterparts in other countries in order to strengthen its competitiveness, considering Taiwan's sound financial and economic structures.
In his speech, Harle told local guests that the average rates of returns on investments in stock transactions have grown from 18 percent in 2001 to 39 percent in 2006. The average return on investment is 24 percent, Harle said, adding that the increased returns came mainly from increased transactions.