Amex Agrees to Set Up Trading Link in Hawaii

The American Stock Exchange said Monday that it has agreed with a Honolulu group to develop a securities trading facility in Hawaii in an effort to bridge the gap between Asian and New York markets.

The plan is part of the Amex’s globalization strategy and is aimed at trading with Japan and other Pacific Rim nations during the Tokyo business day.

Since Honolulu’s business day overlaps trading hours in both New York and Asia, “Hawaii is the perfect place to span the gap between the two dynamic marketplaces,” an exchange spokesman said.

The Amex agreement is with the Economic Development Corp. of Honolulu, a nonprofit group under contract to the state of Hawaii. The EDCH represents the Honolulu Financial Center Task Force, the group spearheading Hawaii’s efforts to set up a financial center in the state.

The agreement allows 18 months to research and prepare a business plan.