Consider for example the recent decision of the Securities and Futures Commission of Hong Kong to allow shares of the United Company RUSAL to be listed on the Hong Kong Stock Exchange.

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Asia does not even have a regional forum for the development of capital markets, though Andrew Sheng, chairman of Hong Kong's Securities and Futures Commission and an acute observer of the region's shortcomings, proposes an Asian Financial Institute to get the discussion going.

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In the case of Singapore, it is the Monetary Authority of Singapore, and in Hong Kong, the Hong Kong Securities and Futures Commission.

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