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Tuesday, July 3, 1973
COMMODITY EXCHANGE EXPERT IN HONG KONG
An expert from the Bank of England has arrived in Hong Kong to advise
the government on the problem of establishing one or more commodity exchanges.
He is Mr. John Wilson who is the bank's expert in commodity trading.
In a statement to the Legislative Council on June 20, the Financial
Secretary said commodity markets had speculative and volatile characteristics,
and adequate regulations were necessary for the proper running of such exchanges.
Mr. Haddon-Cave said the government had decided to ban, for the
time being, the establishment of commodity exchanges dealing with specified
commodities
initially 20 in all.
However, he pointed out that it was not the intention to frustrate
the development of a properly regulated exchange, or possibly more than one
exchange, at a later stage.
The intention was to ensure that if and when such an exchange was
established it would operate in a well regulated and orderly manner and in
accordance with internationally accepted standards.
Mr. Wilson will be in Hong Kong for about three weeks.
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