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DRDAY, JULY 8, 1992
THE FACILITIES WERE EXTENDED BY THE GOVERNMENT AND MAJOR BROKERS AND SHAREHOLDERS OF THE HONG KONG FUTURES GUARANTEE CORPORATION LTD (THE LIFEBOAT) TO RESCUE THE HKFE AFTER THE 1987 STOCK MARKET CRASH.
1
**AT THE CURRENT RATE OF REPAYMENT IT IS ESTIMATED THAT REPAYMENT MAY BE COMPLETED IN THE COURSE OF 1994, MR NENDICK SAID.
MEANWHILE, THE EXCHANGE IS CURRENTLY DEVELOPING NEW PRODUCTS, INCLUDING AN OPTION ON THE HANG SENG INDEX, WHICH ARE DESIGNED TO ENHANCE THE MARKET'S INTERNATIONAL ATTRACTION BY BROADENING THE RANGE OF CONTRACTS AVAILABLE AND ENHANCE TURNOVER.
IF IT PROVES SUCCESSFUL IT MAY GENERATE TOWARDS REPAYMENT OF THE LIFEBOAT.
ADDITIONAL
REVENUE
ON
TRADING IN EXISTING CONTRACTS, MR NENDICK SAID IT MUST BE FOR HKFE IN CONSULTATION WITH THE SFC TO DECIDE WHETHER OR NOT TO CEASE TRADING IN ANY OF ITS EXISTING CONTRACTS IN THE LIGHT OF ALL THE CIRCUMSTANCES.
THE SOYBEAN FUTURES CONTRACT WAS DISCONTINUED IN MARCH THIS. YEAR BECAUSE OF A LACK OF PARTICIPATION AND TRADING INTEREST.
COTTON FUTURES CONTRACTS WERE DISCONTINUED IN THE EARLY 1980'S.
GAMES CENTRE BILL READY FOR LEGCO LATER THIS YEAR
AN AMUSEMENT GAMES CENTRE BILL HAS BEEN DRAFTED AND WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL LATER THIS YEAR, THE SECRETARY FOR HOME AFFAIRS, MR MICHAEL SUEN, TOLD THE COUNCIL TODAY (WEDNESDAY).
IN A WRITTEN REPLY ΤΟ A QUESTION BY THE HON ALBERT CHAN WAI-YIP, MR SUEN SAID THE BILL WAS DESIGNED TO ESTABLISH A NEW AND STRICTER LICENSING SCHEME TO CONTROL THE OPERATION OF AMUSEMENT GAMES CENTRES.
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TO SUPPORT THIS, APPROVAL HAD ALREADY BEEN GRANTED FOR THE CREATION OF A LICENSING TEAM WITHIN THE TELEVISION AND ENTERTAINMENT LICENSING AUTHORITY TO MONITOR THE PERFORMANCE OF LICENCES AND HANDLE ALL LICENCE APPLICATIONS, HE SAID.
AMUSEMENT GAMES CENTRES ARE CURRENTLY LICENSED IN ACCORDANCE WITH PROVISIONS IN THE MISCELLANEOUS LICENCES ORDINANCE.
MR SUEN SAID SINCE THE MISCELLANEOUS LICENCES ORDINANCE WAS LAST AMENDED IN 1988 TO INTRODUCE THE CURRENT LICENSING SYSTEM FOR AMUSEMENT GAMES CENTRE, THERE HAD BEEN RAPID DEVELOPMENT IN THE TRADE,
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