Article at a glance:

Why ASEAN’s stock markets must work together

• If they pursue an independent future, several ASEAN financial exchanges risk falling further behind the rest of the world or being “cherry-picked” by their increasingly global competitors.
• Outright mergers are unlikely in the face of conflicting national agendas and regulatory hurdles, but policy makers can pursue long-term reforms and regional harmonization efforts that would considerably enhance the long-term outlook for regional capital markets and their chance to remain credible fund raising venues for ASEAN’s best companies.
• The relevance of several Southeast Asian exchanges could be at stake but—like in Europe decades ago—this historical opportunity is in the hand of policy makers, not necessarily exchanges boards.