WEDNESDAY, DECEMBER 20, 1939
INTRODUCTION OF A THREE-MONTH INTERBANK OFFERED
RATE FUTURES CONTRACT
THE GOVERNOR IN COUNCIL HAS APPROVED A PROPOSAL FROM
INTRODUCE KONG FUTURES EXCHANGE (HKFE) TO
A THREE-MONTH INTERBANK OFFERED RATE (HIBOR) FUTURES CONTRACT.
THE
HONG
JONG
KONG
SAID
ANNOUNCING THIS TODAY (WEDNESDAY), A GOVERNMENT SPOKESMAN AN ORDER HAD BEEN MADE BY THE GOVERNOR IN COUNCIL. UNDER SECTION 115 OF THE COMMODITIES TRADING ORDINANCE TO AMEND THE FIRST SCHEDULE OF DE TRADED ON THE ORDINANCE TO ENABLE THE 1BOR FUTURES CONTRACTS TO THE HKFE.
(SFC)
COMMISSION SINCE MAY 1, 1999 THE SECURITIES AND FUTURES-
THE IKFE HAS BEEN WORKING CLOSELY WITH
TO ENSURE THAT THERE ARE ADEQUATE MECHANISMS IN THE TIBOR CONTRACT PROPOSAL AND ITS OPERATION TO PROTECT MARKET USERS.
"WE RECOGNISE THAT THERE 15 A PERCEIVED NEED IN THE MARKET PLACE FOR THE H|BOR CONTRACT.
WE SUPPORT THE SFC'S RECOMMENDATION SUBJECT TO ADEQUATE THAT TRADING IN THE CONTRACT SHOULD BE ALLOWED,
APPROPRIATE DEGREE SAFEGUARDS FOR THE INTEGRITY OF THE MARKET AND AN OF INVESTOR PROTECTION,' THE SPOKESMAN SAID.
"THE SFC HAS CONFIRMED THAT A PROPER REGULATORY FRAMEWORK, INCLUDING RISK MANAGEMENT HEASURES IS NOW IN PLACE, HE ADDED.
+
r
THE HIDOR CONTRACT WILL PROVIDE A HEDGING MECHANISM TO PROTECT BORROWERS AND LENDERS AGAINST AÐVERSE INTEREST BATTE MOVEMENTS.
COMMITMENT OF THIS WILL ENCOURAGE THE
INVESTIBLE FUNDS AND TURN ASSUMPTION OF DEBT OBLIGATIONS FOR LONGER PERIODS, WHICH WILL IN
OP THE MONTY HELP REMOVE ONE OF THE MAJOR CONSTRAINTS ON THE GROWTH AND CAPITAL MARKETS IN HONG KONG.
AS IKFE WILL REQUIRE TIME FOR SYSTEM TESTING BEFORE TRADING THE CONTRACT CAN BE COMMENCED, THE COMMODITIES TRADING UMENDMENT FIRST SCHEDULE) ORDER 1389 WILL BE BROUGHT INTO EFFECT ON A DAY TO APPOINTED BY THI GOVERNOR.
IN
OF BE
SINO-BRITISH LAND COMMISSION HOLDS 19TH MEETING
WAS HELD THE 18TH MEETING OF THE SINO-BRITISH LAND COMMISSION
THE AVERAGE COST OF TODAY (DECEMBER 20). TAK TWO SIDES AGREED THAT
ᏢᎬᎡ LAND PRODUCTION FOR THE 1989-90 FINANCIAL YEAR WOULD BE HK$2,390 SQUARE METRE.
THE REVIEWED SUPPLEMENTARY
1989-90 LAND LAND DISPOSAL
IN ADDITION, THE LAND
COMMISSION
THE
DISPOSAL PROGRAMME AND AGREED THAT PROGRAMME WOULD NOT BE DRAWN ON AT THIS STAGE.
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