I'd
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
the concession should only apply to authorised market-makers.
(para. 5.45)
the concessionary stamp duty rate currently available to jobbers under the Stamp Duty Ordinance should be extended to authorised market-makers of Hong Kong stocks and legislation should be introduced to bring the concession into force. (para. 5.46)
Hong Kong should adopt a rolling T+3 settlement system. (para. 5.74)
the new settlement period should be introduced as soon as a central guarantee of trades can be put in place. (para. 5.78)
there should be stamp duty concessions for stock lending where the facility is used to resolve legitimate settlement problems. (para. 5.86)
the maximum period for completion of share transfers should be reduced from the current 21 days initially to 14 days and eventually to seven days before the introduction of central clearing. (para. 5.91)
share registrars should be licensed by the regulatory authority and that registrars in frequent breach of their obligations should be deprived of the right to act as registrars for listed companies. (para. 5.92)
the SEHK should examine in conjunction with the registrars possible measures, including the use of certified transfer certificates, to enable shares in registration to be traded. (para. 5.93)
Hong Kong should take active steps to develop a central clearing and settlement system. (para. 5.99)
the central clearing and settlement system should be built on a system of uncertificated book-entry transfers. (para. 5.117)
the central clearing system should be supported by a central risk-taker. (para. 5.122)
a guarantee should be provided by the clearing house substituting itself as a counterparty to broker trades. (para. 5.127)
01
XH SI9 82:61 98. TE AUN