Financial Services ministers from Australia and Hong Kong today signed a memorandum of understanding between Hong Kong’s Exchanges and Clearing and the Australian Stock Exchange (ASX).

The memorandum follows a move by both nations to increase the links between its respective financial services industries.

In a joint statement by Australia's Financial Services Minister, Joe Hockey and the Hong Kong Secretary for Financial Services, Stephen Ip, the groups will look into greater co-operation in many issues relating to financial services.

Issues will include cross-border fundraising, intermediary licensing, market and clearing licensing, and enhancing the strong relationship between SFC and the Australian Securities and Investment Commission (ASIC) in areas of training, enforcement and surveillance.