6
THURSDAY, JUNE 2, 1988
(2)
(3)
IN
IT
IS
BY
STAFF OF PROFESSIONAL, WE PROPOSE "THE DEVELOPMENT OF A
THE TWO
THE EXCHANGES, WITH INDEPENDENT EXECUTIVES IN
SETTING POLICY AND THE GOVERNING BODIES EXCHANGE
THINKING EXECUTIVES IMPLEMENTING IT." WE DEVELOP THIS
I THINK IV
AT THIS POINT VI. CHAPTERS
AND APPROPRIATE TO RECOGNISE THE CONSIDERABLE STEPS THE NEW MANAGEMENT OF THE STOCK EXCHANGE UNDER FELL AND OF THE FUTURES EXCHANGE UNDER MR AND MR PHILLIP THORPE IN CARRYING WHILE WE HAVE BEEN AT WORK.
TAKEN MR ROBERT WILFRID NEWTON OUT IMPORTANT
REFORMS
IN
SETTLEMENT WE PROPOSE "AN EXTENSION OF THE STOCK EXCHANGE
STRICTLY SHOULD BE
ENFORCED PERIOD TO THREE DAYS WHICH
CLEARING SYSTEM. AND THE EARLY DEVELOPMENT OF A CENTRAL
WHICH PROBABLY GAVE US THE IT WAS THIS RECOMMENDATION MOST DIFFICULTY. WE DISCUSS THE MATTER AT GREAT LENGTH
IS FUNDAMENTAL
THE CHAPTER V. SETTLEMENT
SYSTEMIC RECOGNITION OF THE RISKS STABILITY OF A MARKET. A FULL INVOLVED
WAS NOT ALWAYS IS VITAL. SUCH RECOGNITION PRESENT IN HONG KONG BEFORE OCTOBER.
(4)
WE PROPOSE "THE CONTINUATION EXCHANGE
CLEARING
AND ITS STOCK AND
GUARANTEE
(5)
STRENGTHEN THE RISK
ΤΟ
TO
IN
OF THE HONG KONG FUTURES
CONTRACT BUT INDEX
WITH THE SYSTEM BEING RESTRUCTURED
ARRANGEMENTS; MANAGEMENT
OF THE PARTICULAR, THE CLEARING HOUSE SHOULD BECOME PART
CLEARING EXCHANGE AND THE GUARANTEE SHOULD BR BACKED BY A
WAS WHETHER OR NOT THE MEMBERS' FUND." A KEY QUESTION HONG KONG FUTURES EXCHANGE AND THE HANG SENG INDEX FUTURES CONTRACT SHOULD CONTINUE. WE CONCLUDE IN OF CHAPTER
VI THAT
IT
SHOULD
ESSENTIAL AND OTHERS ARE DESIRABLE. DETAIL IN CHAPTERS VII AND VIII.
THE FIRST PART
BUT
SOME THEY ARE
REFORMS ARE REVIEWED IN
PROPOSE "REPLACING
TURNING TO THE STATUTORY AUTHORITY WE THE TWO COMMISSIONS AND THE COMMISSIONER'S OFFICE SINGLE
STATUTORY INDEPENDENT
WITH A THE CIVIL BODY OUTSIDE AND STAFFED BY FULL TIME SERVICE. IT SHOULD BE HEADED
(WE SUGGEST REGULATORS AND FUNDED LARGELY BY THE MARKET.
AND 3 THAT THE COMMISSION CONSIST OF 4 FULL-TIME MEMBERS
WITH ENSURING THE SHOULD BE CHARGED PART-TIME.) IT
INVESTORS. IN EXCHANGES PROPERLY EXTENSIVE RESERVE ON THE JOB." THE PROPOSAL ARE DEBATED AT LENGTH IN MOVING THE IX. OUR PRINCIPAL REASONS FOR
TO ENABLE MARKET ATTRACT
MARKETS; AND IN PARA. 3.33 "IF THE THEN, SHOULD BE INSULATED FROM
INTEGRITY OF MARKETS AND THE PROTECTION OF PARTICULAR, IT SHOULD ENSURE THAT THE REGULATE THEIR MARKETS AND SHOULD HAVE POWERS TO INTERVENE IF THEY FALL DOWN ARGUMENTS FOR THIS CHAPTER COMMISSION OUTSIDE THE CIVIL SERVICE ARE TWO :
то APPROPRIATE IT TO PAY SALARY PRACTITIONERS WITH EXPERTISE IN SECURITIES TO PROTECT THE GOVERNMENT. AS WE SAY THE SUPERVISOR FAILS GOVERNMENT STEP IN; GOVERNMENT SHOULD DAY-TO-DAY MARKET CRISES LEST THE AUTHORITY OF BE UNNECESSARILY DAMAGED."
SCALES
THEN,
AND ONLY
GOVERNMENT
/IN THE