NYSE Euronext, the parent company of the New York Stock Exchange, signed an agreement with the Shanghai Stock Exchange that could pave the way for the listing of exchange traded funds (ETFs) tied to global stocks on the Chinese exchange, the Wall Street Journal reported. NYSE Euronext and the Shanghai exchange agreed to expand an existing memorandum of understanding to include the development of indexes and ETFs. The development would give Chinese investors more exposure to investing in foreign stocks. Analysts estimate that only 3% of assets under management in Chinese mutual funds at the end of 2008 were invested in funds that could invest overseas.
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