1988-06-01 18:24
G.I.S
P. 10/13
01-JUN-1986
17:28
SEIFETARIAT PRESS OFFICE
852 5 88 5210
P.07
"
(4) We propose "the continuation of the Hong Kong
Futures Exchange and its stock index contract
but with the clearing and guarantee system
strengthen the tisk
being restructured to
management arrangements;
was
Or
in particular, the
clearing house should become part of the
Exchange and the guarantee should be backed
by a Clearing Members' Fund." A key question
whether
not the Hong Kong Futures
Exchange and the Hang Seng Index Futures
contract should continue. We conclude in the
first part of Chapter VI that it should but
scme reforms are essential and others are
They are reviewed in detail in
desirable.
Chapters VII and VIII.
(5)
Turning to the statutory authority we propose
"replacing the two Commissions and the
Commissioner's
with
a single
Office
independent statutory body outside the civil
service.
full time
the market.
consist of
It should be headed and staffed by
regulators and funded largely by
(We suggest that the Commission
4 full-time members and 3
It should be charged with
markets and the
In particular, it
part-time.)
ensuring the integrity of
protection
Of investors.
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