P.09/13
SECRETARIAT PRESS OFFICE
892 5 868 5212
F.US
1988-06-01. 18:24 G. I.S
N-JUN-1888
17:36
1
7
(2)
We
"the propose
professional,
two
development
•
of a staff of
in the
independent executives
Exchanges, with the Exchange governing
bodies setting policy and the executives
implementing it." We develop this thinking
in Chapters IV and VI. At this point I think
is
appropriate to recognise the
it
considerable
steps taken by the new
management OF the Stock
Robert Fell and of the
under Mr. Wilfrid Newton
Thorpe in carrying out
while we have been at work.
Exchange under Mr.
Futures Exchange
and MI. Phillip
important reforms
(3)
We propose "an extension Of the Stock
Exchange settlement period to three days
which should be
strictly enforced and the
early development
of
central clearing
system." It was this recommendation which
probably gave U$ the most difficulty. We
discuss the matter at great length in Chapter
V. Settlement is fundamental to the systemic
stability of a market. A full recognition of
the
risks
involved is vital.
Such
recognition was not always present in Hong
Kong before October.
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