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WEDNESDAY, JUNE 23, 1976
THESE WILL BE THE REGULATORY AUTHORITIES FOR THE OPERATIONS OF THE COMMODITY EXCHANGE AND TRADING IN COMMODITY FUTURES GENERALLY.
THE COMMISSIONER WILL HAVE STATUTORY POWERS TO REGISTER DEALERS, ADVISERS, AND REPRESENTATIVES TO SUPERVISE THE AUDITING- OF THE ACCOUNTS OF REGISTERED DEALERS, AND TO INSPECT AND INVESTIGATE THE ACTIVITIES OF ALL ENGAGED IN TRADING IN COMMODITY FUTURES, AS WELL AS THE COMMODITY EXCHANGE ITSELF, THE CLEARING HOUSE AND THE GUARANTEE CORPORATION.
IN SUMMING UP WITH THE REMARK THAT IT IS THE GOVERNMENT'S VIEW THE OPERATION OF A WELL REGULATED COMMODITY EXCHANGE WILL ADD A FURTHER DIMENSION TO HONG KONG'S ECONOMY AND ITS INTERNATIONAL PROFILE, MR. HADDON-CAVE SAID, +! SAY THIS WITHOUT WISHING TO EXAGGERATE THE POTENTIAL SIGNIFICANCE OF A COMMODITY EXCHANGE.
+1 AM WELL AWARE OF THE IMPORTANCE OF THE MANUFACTURING SECTOR OF OUR ECONOMY: EXPORTS OF HONG KONG MADE GOODS ARE NOW RUNNING AT AN ANNUAL RATE OF ABOUT $28 BILLION AND I AM WELL AWARE ALSO THAT OUR FINANCIAL AND BUSINESS SERVICES SECTOR ALREADY ACCOUNTS FOR NEARLY A QUARTER OF THE GROSS DOMESTIC PRODUCT,+ HE SAID.
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