8
FRIDAY, OCTOBER 14, 1988
"THE NEXT STAGE IS ELECTIONS FOR THE NEW STOCK EXCHANGE COUNCIL, WHICH ARE DUE TO TAKE PLACE NEXT MONDAY.
ELECTING A
NEW CHAIRMAN AND
I LOOK FORWARD TO THE COUNCIL APPOINTING A NEW CHIEF EXECUTIVE, HE SAID.
"
WITHIN THE REFLECTED GREAT
SIR DAVID SAID THAT CARRYING THROUGH THESE REFORMS
THE CRISIS LAST YEAR SHORT SPACE OF A YEAR AFTER CREDIT ON ALL THOSE INVOLVED IN MANAGING THE EXCHANGE.
ALSO "THE FUTURES EXCHANGE WILL
REFORM
SHORTLY PROPOSALS TO SYSTEM, THE GOVERNOR SAID.
+
ITS
BE PUTTING ΤΟ ITS MEMBERS CONSTITUTION AND RISK MANAGEMENT
"I HOPE THAT THESE WILL BE ACCEPTED, HE ADDED.
OF WHETHER SIR DAVID POINTED OUT THAT ULTIMATELY THE QUESTION HAVE A FUTURES HONG KONG CONTINUED TO
EXCHANGE WAS ONE FOR THE
MARKETS.
EXCHANGE,
"THE GOVERNMENT IS NOT THERE TO IMPOSE A FUTURES TO PROVIDE REMEDIAL RELIEF, IF THE MARKET ITSELF DOES NOT WANT ONE.
OR
CONTINUES IN
HE SAID.
"WE ARE HOWEVER DETERMINED THAT, IF THE EXCHANGE BEING, IT SHOULD BE PROPERLY FUNDED AND PROPERLY GUARANTEED,
STOCK
TURNING TO THE SETTLEMENT SYSTEM FOR DAVID SAID THE OLD ARRANGEMENTS SHOWED THEMSELVES AS WITH SUDDEN INCREASES IN TRADING VOLUME.
**
SIR UNABLE ΤΟ COPE
TRANSACTIONS,
RECOMMENDED THAT THE CENTRAL CLEARING SYSTEM
HOUSE. CLEARING
IT ALSO
HE SAID THE SECURITIES REVIEW COMMITTEE
REPLACED BY A OLD ARRANGEMENTS SHOULD BE UNDER THE MANAGEMENT OF RECOMMENDED AN EXTENSION OF THE SETTLEMENT PERIOD.
"
A NEW STATUTORY
PLACE.
BUT NUMBER A NEW
THESE NEW ARRANGEMENTS WILL TAKE TIME TO PUT INTO THE STOCK EXCHANGE AND THE OTHER PARTIES INVOLVED, INCLUDING A OF MAJOR BANKS, ARE ALREADY WORKING ON THE DETAILED DESIGN FOR SYSTEM, SIR DAVID SAID.
++
"IN THE MEANTIME, IT IS GOOD
KNOW THAT IMPROVED
HE ADDED. ARRANGEMENTS HAVE BEEN INTRODUCED BY THE EXCHANGE,
TO
INTERIM
"THE GOVERNMENT HAVE NO WISH
THE TRAP OF
BUT,
OVER-REGULATE.
WITHOUT THERE ARE STILL SOME BRING HONG KONG INTO BE WHAT GOVERNOR
то
FALLING INTO
OVER-REGULATION, ADDITIONAL SAFEGUARDS WE NEED TO INTRODUCE TO LINE WITH INTERNATIONAL STANDARDS SO THAT WE CAN CONTINUE TO WE AIM TO BE A MAJOR INTERNATIONAL FINANCIAL CENTRE," THE SAID.
REQUIRED ONE SUCH MEASURE WAS LEGISLATION PASSED IN JULY WHICH
LISTED MAJOR SHAREHOLDERS, DIRECTORS AND CHIEF EXECUTIVES OF PUBLICLY
INTERESTS IN THE SHARES THEY COMPANIES TO DISCLOSE THE BENEFICIAL HOLD, SIR DAVID SAID.
"IN THIS