12
WEDNESDAY, OCTOBER 12. 1988
THE
HAD
OF
THE
THE GENERAL THRUST GOVERNMENT
ACCEPTED
INTO COMMITTEE'S RECOMMENDATIONS, AND LEGISLATION WOULD BE INTRODUCED
YEAR TO ALLOW A NEW THE LEGISLATIVE COUNCIL BEFORE THE END OF THE
ΤΟ COMMISSION REGULATORY AUTHORITY THE SECURITIES AND FUTURES BECOME FULLY OPERATIONAL EARLY NEXT YEAR.
JJ
HAD
ALSO
HE NOTED THAT THE SECURITIES REVIEW COMMITTEE
THE CONSTITUTION AND INTERNAL RECOMMENDED FUNDAMENTAL REVISION OF MANAGEMENT OF BOTH THE STOCK EXCHANGE AND THE FUTURES EXCHANGE.
"THESE
RECOMMENDATIONS
BY
HAVE BEEN ACCEPTED
THE STOCK GREAT CREDIT, TAKEN THE EXCHANGE WHICH HAS, TO ITS
INITIATIVE TO ITS IMPLEMENT THEM. THE FUTURES EXCHANGE WILL BE PUTTING PROPOSALS TO MEMBERS IN A FEW WEEKS TIME," HE SAID.
TAKEN IN BEING
LINE WITH THE ACTION WAS ALSO
COMMITTEE'S SHOULD RECOMMENDATION THAT FOR SETTLEMENT OF STOCK TRANSACTIONS THERE
NEW STATUTORY BE A CENTRAL CLEARING SYSTEM UNDER THE MANAGEMENT OF A CLEARING HOUSE, AS WELL AS AN EXTENSION OF THE SETTLEMENT PERIOD.
Į
INVOLVED PARTIES
A INCLUDING "THE STOCK EXCHANGE AND OTHER
DETAILED DESIGN OF A NUMBER OF MAJOR BANKS, ARE NOW WORKING ON THE
SIR DAVID SAID. NEW SYSTEM WHICH SHOULD BE IN PLACE BY EARLY 1990,
"IN THE MEANTIME, INTERIM ARRANGEMENTS HAVE BEEN INTRODUCED THE EXCHANGE TO IMPROVE EFFICIENCY.
HONG KONG HAS "THUS, WITHIN A RELATIVELY SHORT PERIOD,
WERE REVEALED GREAT EFFORTS TO LEARN FROM THE WEAKNESSES WHICH OCTOBER AND TO PUT MORE DURABLE STRUCTURES IN THEIR PLACE.
BY
MADE LAST
BE TACKLED SIR DAVID SAID ANOTHER PROBLEM AREA THAT NEEDED TO
THE FAIRNESS OF THE WAS INSIDER DEALING, AN ABUSE WHICH UNDERMINED MARKET.
DOES
NOT
OCCUR.
ALL WE CAN "WE MUST DO LEGISLATION WILL BE INTRODUCED THIS SESSION TO INCREASE SUBSTANTIALLY
ΤΟ
SEE THAT
IT
THE RANGE OF SANCTIONS WHICH TRIBUNAL. THESE MEASURES ARE DETERRENT THAN WE HAVE NOW.
MAY BE IMPOSED BY
ΤΟ DESIGNED
THE INSIDER TRADING CREATE A MORE EFFECTIVE
113