4
TUESDAY, NOVEMBER 19, 1991
HOWEVER, HE HOPED THAT PEOPLE WOULD ALSO SEE THE REALITY.
"THE REALITY IS A HONG KONG WHICH IS ACCUSTOMED ΤΟ FACING PROBLEMS AND OVERCOMING THEM A HONG KONG WHICH FACES THE FUTURE WITH TREPIDATION BUT DETERMINATION, HE SAID.
||
NOT
HONG KONG TO SET UP MONEY MARKET PRACTICES COMMITTEE
* * *
IT IS PROBABLY TIME THAT HONG KONG FOLLOWS THE EXAMPLE OF OTHER MAJOR FINANCIAL CENTRES SUCH AS LONDON, NEW YORK AND TOKYO AND SET
WITH
SMALL A
A
DEGREE OF PRACTICES COMMITTEE MARKET PARTICIPATION,
DIRECTOR OF THE OFFICE OF THE EXCHANGE THE JOSEPH YAM SAID TODAY (TUESDAY).
THE
UP
OFFICIAL FUND,
MR
FOREX
HONG KONG
AT A LUNCHEON MEETING OF SPEAKING ASSOCIATION, MR YAM SAID THE COMMITTEE, THE FULL NAME OF WHICH WILL BE
FOREIGN EXCHANGE AND MONEY MARKET PRACTICES COMMITTEE, WILL
THE BE
AN ADVISORY AUTHORITY.
"BUT
BODY
WITHOUT ANY
EXECUTIVE
POWERS OR
ONLY
STATUTORY
OF
I HOPE IT WILL BE POSSIBLE TO ENSURE COMPLIANCE GUIDELINES THROUGH THE ASSOCIATIONS REPRESENTED ON IT," MR YAM SAID.
ITS
THE PROPOSED TERMS OF REFERENCE OF THE COMMITTEE IS TO AND OFFER ADVICE TO THE ORGANISATIONS REPRESENTED ON IT
OF THE ORDERLY DEVELOPMENT AND HEALTH RELATION TO FOREIGN EXCHANGE AND MONEY MARKET.
REVIEW ON MATTERS THE HONG
KONG
IN,
THIS LATTER EXPRESSION SHALL BE TAKEN TO INCLUDE BUSINESS
SPOT AND AND THE ACTIVITIES OF THOSE OFFERING SERVICES IN DEPOSITS, FORWARD FOREIGN EXCHANGES, OPTIONS, SWAPS, FORWARD RATE AGREEMENTS AND KINDRED PRODUCTS.
IT IS PROPOSED THAT THE COMMITTEE WILL RECOMMEND GUIDELINES AND OF COMMON PRACTICES FOR THE MARKETS, INCLUDING MATTERS SUCH AS A CODE CONDUCT FOR BROKERS AND DEALERS.
IT IS PROPOSED ALSO THAT THE COMMITTEE WILL EXAMINE ALLEGATIONS WHICH ARE MALPRACTICE OR NON-COMPLIANCE WITH THE CODE OF CONDUCT REFERRED TO IT.
OF
ALSO UNDER ITS PROPOSED TERMS OF REFERENCE, THE COMMITTEE IS TO AND CONSIDER MATTERS WHICH ARE RELEVANT TO THE WELL-BEING, EFFICIENCY
NEED OF FUTURE DEVELOPMENT OF THE MARKETS, INCLUDING THE STAFF OF DEALING ROOMS AND BROKING FIRMS.
TRAINING
THE
REGARDING ITS PROPOSED STRUCTURE, THE DIRECTOR OF THE OFFICE OF THE DEPUTY EXCHANGE FUND WILL BE THE CHAIRMAN OF THE COMMITTEE. COMMISSIONER OF BANKING WILL BE AN EX-OFFICIO MEMBERS.
/OTHER MEMBERS