Israel, China to Broaden Financial Cooperation - Israel, China to Broaden Financial Cooperation -

Friday, May 18, 2012

Israel, China to Broaden Financial Cooperation -

Israel, China to Broaden Financial Cooperation -

Shmuel Hauser, chairman of the Israel Securities Authorities (ISA) speaks at a press conference at the Israeli Embassy in Beijing on Thursday May 17, 2012. [Photo:]

Israel is willing to cooperate with China with regards to financial instruments and both countries expect to set up banks on one another's soil as China is an extremely important market for Israel, said Shmuel Hauser, visiting chairman of the Israel Securities Authorities (ISA) during a press conference at the Israeli Embassy in Beijing on Thursday.

The ISA delegation is in Beijing attending the 37th annual conference of the International Organization of Securities Commissions (IOSCO).

Hauser said Israel has an elaborately efficient system for liquidity and expressed his hope that the two countries would extend the Memorandum of Understanding (MOU) on Supervision Cooperation in Securities Futures and cooperate in aspects of various financial instruments, including advanced options, futures, bonds, derivatives and convertible bonds. In addition, Israel's advantage lies in its talented individuals and think tanks, though Hauser stated, "it is hard to predict an exact road map."

Over 300 billion USD from Israeli investors will go towards investments outside the Israeli market. Hauser stated that China is definitely a good candidate for becoming the recipient of such investment. However, Israeli companies have to gradually adapt to the Chinese environment because both sides have very different ways of doing things.

Hauser commented that China's regulatory environment is sound. He noted that China has a well-organized regulatory framework conducted by the China Securities Regulatory Commission (CSRC), and stated that since joining IOSCO in 1995 China has become one of the organization's leaders in just a few years. People realize and accept that the framework here is good but China faces the same problems that all regulators around world are facing; the goal of maintaining financial stability since 2008.

The common mission for all regulators is to protect investments and maintain balanced regulation, said Shmuel. "We admire the great job of the CSRC and we should all confirm to IOSCO principles to achieve financial stability."

During the visit, chairman Hauser also deliberated with his Chinese counterpart, Guo Shuqing, chairman of the CSRC about the executive conditions of the MOU, which was signed on July 31, 2011.

The MOU between the ISA and the CSRC is the first essential condition and a clear starting point for Chinese to investors to invest in Israel and Israeli investors to invest in China, said the chairman. However, it is not the only condition; as they two sides are working to see if they can collaborate in other ways.

Hauser also hailed the importance of the Chinese market in maintaining global financial stability. "We feel China is an extremely important market. It is definitely (important) to us. We look it as a superpower economic country. Each time we come here just to admire what has been done."

Shmuel Hauser actively designed all the reform projects of the Israeli capital market.

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Xchanging Wins Best Business Continuity Approach of the Year - Yahoo Finance

LONDON, May 18, 2012 /PRNewswire/ --

Xchanging (XCH:LSE), the business process and technology services provider and integrator has won the 2012 StrategicRISK Best Business Continuity Approach of the Year.  The Award recognises firms that "initiated or implemented a well thought-out new business continuity approach in 2011 that reflected current challenges."  Xchanging was selected as winner after being placed on a shortlist of five companies.    

Nigel Knight, Head of Business Continuity Planning at Xchanging said, "Over the past twelve months we have worked tremendously hard to overhaul our business continuity planning.  We are thrilled that our efforts have been so recognised by the European Risk Management Awards."

Throughout 2011, Xchanging's Insurance Risk Management and Business Continuity teams undertook a major strategic review with senior stakeholders internally and externally and formulated associated plans in order to demonstrate Xchanging's ability to continue to provide services in the event of a financial crisis.  The resulting new plans were externally tested by KPMG in line with BS25999 standards.

In further recognition of its high quality business continuity planning, in 2011 Xchanging became the first insurance service provider to qualify for a certification to the management system standard, BS25999 by the British Standards Institution. Highlighting Xchanging's excellence in Business Continuity, Lorna Anderson, EMEA Business Continuity Expert at BSI said: "Business continuity is not a one-off activity. It needs to evolve with the organisation. The key to this is thinking about what may happen and taking appropriate steps as demonstrated by Xchanging. A further endorsement to XIS's commitment is having it independently assessed by BSI."


What we are

Xchanging provides business processing, technology and procurement services internationally for customers across multiple industries.

What we do

Xchanging brings innovation, thought leadership and passion to its customers' businesses so as to enhance performance and value. Our values are embedded into everything we do.

What we want to be

Xchanging wants to be regarded as the best provider in its chosen markets by delivering services that are recognised for outstanding quality, reliability and innovation.

For further information, please contact:

Xchanging UK
Julie Lynch                                                         
Tel: +44(0)20-7780-5010

FWD PR                                                                    
Michael Gaughan                                                 
Tel: +44(0)20-7623-2368

Richard Adams                                                               
Tel: +44(0)20-7623-2368