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WEDNESDAY, OCTOBER 6, 1993
SHARES CLEARING SYSTEM WORKING WELL
THE CENTRAL CLEARING AND SETTLEMENT MILLION SHARE TRANSACTIONS VALUED AT ABOUT
SYSTEM HANDLES OVER ONE HK$100 BILLION A MONTH, THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID TODAY (WEDNESDAY).
HE WAS SPEAKING AT A RECEPTION то CELEBRATE THE FOURTH ANNIVERSARY OF THE HONG KONG SECURITIES CLEARING COMPANY AND THE FIRST ANNIVERSARY OF THE FULL IMPLEMENTATION OF THE CENTRAL CLEARING AND SETTLEMENT SYSTEM.
MR MACLEOD NOTED THAT NEARLY ALL SHARES TRADED ON THE EXCHANGE WERE NOW SETTLED THROUGH THIS CENTRAL SYSTEM.
"THE SYSTEM'S DEPOSITORY NOW HOLDS OVER 70 BILLION SHARES WITH
A MARKET VALUE OF NEARLY HK$300 BILLION.
"IT PROVIDED THE EFFICIENCY REQUIRED TO COPE WITH THE ROBUST TURNOVER OF ABOUT HK$4 BILLION A DAY IN THE FIRST EIGHT MONTHS OF 1993, HE SAID.
"
HE ADDED THAT THE SUCCESS OF THE SYSTEM HAD THE FINANCIAL SUCCESS OF THE CLEARING COMPANY.
BREN MATCHED BY
THE COMPANY WAS ABLE TO REPAY OVER HK$100 MILLION OF ITS DEVELOPMENT LOANS WHILE MAINTAINING AN OPERATING SURPLUS THIS YEAR.
MR MACLEOD SAID HE WAS PLEASED THAT THE COMPANY HAD SET FOR ITSELF NEW GOALS.
HE NOTED THAT THE COMPANY WOULD LOOK INTO NEW AREAS, INCLUDING A NEW SHARES REGISTRATION SYSTEM; DIRECT ACCESS BY INVESTORS TO THE SERVICE OF THE CENTRAL CLEARING SYSTEM; ENHANCING ITS SERVICE IN RESPONSE TO THE STOCK EXCHANGE'S DEVELOPMENT OF THE AUTOMATED ORDER MATCHING AND EXECUTION SYSTEM AND ASSISTING IN THE DEVELOPMENT OF A STOCK OPTIONS MARKET.
THE FINANCIAL SECRETARY ALSO REITERATED THE GOVERNOR'S MESSAGE IN HIS POLICY ADDRESS THIS AFTERNOON THAT THE GOVERNMENT WAS FULLY COMMITTED TO BUILDING UP HONG KONG AS A MAJOR FINANCIAL CENTRE IN THE REGION.
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