5
THURSDAY, OCTOBER 15, 1992
(D)
ENTERED INTO BY A DEALER REGISTERED UNDER THE COMMODITIES TRADING ORDINANCE.
HONG
"THE PROPOSED MOVE IS A POSITIVE STEP TOWARDS DEVELOPING KONG AS AN ATTRACTIVE MARKET FOR WARRANTS AND OTHER CONTRACTS FOR DIFFERENCES," MR NENDICK SAID.
CERTAIN CONTRACTS FOR DIFFERENCES, SUCH AS CURRENCY WARRANTS, COMMODITY WARRANTS, INDEX WARRANTS HAVE BECOME INCREASINGLY POPULAR IN THE EUROPEAN MARKETS IN THE PAST FEW YEARS.
"DESPITE THE CONSIDERABLE INVESTOR DEMAND POTENTIAL FOR THEM IN HONG KONG, THE DEVELOPMENT OF THIS MARKET HAS BEEN RATHER LIMITED IN THE TERRITORY, MR NENDICK SAID.
++
"ONE OF THE MAIN OBSTACLES IS THE LIMITATION IMPOSED BY THE GAMBLING ORDINANCE, HE NOTED.
--
"THESE TYPES OF WARRANTS HAVE CHARACTERISTICS OF GAMBLING WHICH BRING THEM WITHIN THE DEFINITION AS DESCRIBED IN THE GAMBLING
COULD ORDINANCE,'
"
"THE ISSUE AND TRADING OF SUCH WARRANTS IN HONG
KONG, OTHER THAN BY AUTHORISED INSTITUTIONS UNDER THE BANKING ORDINANCE, WHICH ARE EXEMPT FROM THE GAMBLING ORDINANCE, MAY BE A CRIMINAL OFFENCE, MR NENDICK SAID.
THE GAMBLING ORDINANCE MAY ALSO POSE A PROBLEM FOR TRANSACTIONS RELATING TO THOSE OTHER CONTRACTS FOR DIFFERENCES WHICH ARE ESSENTIALLY PRODUCTS SETTLED BY PAYMENT OF CASH DIFFERENCES, SUCH AS CASH-SETTLED OPTIONS ON SHARES OR OTHER SECURITIES.
"HOWEVER, WE SEE NO REASON WHY ISSUERS OTHER THAN AUTHORISED INSTITUTIONS SHOULD NOT BE ABLE TO ENTER INTO SUCH CONTRACTS FOR DIFFERENCES, MR NENDICK SAID.
THE SECURITIES AND FUTURES COMMISSION AND THE CAPITAL MARKETS ASSOCIATION WERE CONSULTED ON THESE LEGISLATIVE AMENDMENTS.
THE BILL WILL BE INTRODUCED INTO THE LEGISLATIVE OCTOBER 28.
0
COUNCIL ON
UNEMPLOYMENT AND UNDEREMPLOYMENT STATISTICS FOR JUNE
—
AUGUST 1992
*
-
THE
THE SEASONALLY ADJUSTED UNEMPLOYMENT RATE AND
ACCORDING UNDEREMPLOYMENT RATE FOR JUNE AUGUST 1992 WERE BOTH 2.0%, TO THE LATEST LABOUR FORCE STATISTICS RELEASED TODAY (THURSDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.
THE PROVISIONAL SEASONALLY ADJUSTED UNEMPLOYMENT RATE AND THE SEPTEMBER 1992 PROVISIONAL UNDEREMPLOYMENT RATE FOR THE PERIOD JULY · WERE BOTH 1.9%.
-
/THE LATEST