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FRIDAY, NOVEMBER 12, 1993
THE WORKING GROUP WILL MEET SHORTLY AND WILL REPORT TO THE GOVERNOR BY AUGUST NEXT YEAR.
MEMBERS OF THE PUBLIC ARE WELCOMED TO SUBMIT THEIR VIEWS COMMENTS TO THE WORKING GROUP.
AND
THEY SHOULD BE SENT TO THE SECRETARY, WORKING GROUP ON CARE FOR THE ELDERLY, SEVENTH FLOOR, CENTRAL GOVERNMENT OFFICES (MAIN WING), LOWER ALBERT ROAD, CENTRAL, HONG KONG ON OR BEFORE DECEMBER 31 THIS YEAR.
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MARKET IMPROVEMENT MEASURES GIVE CONFIDENCE
THE INTRODUCTION OF THE SECURITIES AND FUTURES COMMISSION THE ESTABLISHMENT OF THE CENTRAL CLEARING AND SETTLEMENTS SYSTEM GIVEN MUCH GREATER CONFIDENCE ΤΟ INVESTORS, THE SECRETARY FINANCIAL SERVICES, MR MICHAEL CARTLAND, SAID TODAY (FRIDAY).
AND
HAVE FOR
SPEAKING AT THE 14TH ANNIVERSARY RECEPTION OF THE HONG KONG STOCKBROKERS ASSOCIATION LIMITED, MR CARTLAND SAID MARKET SURVEILLANCE AND RISK MANAGEMENT IN PARTICULAR HAD IMPROVED OUT OF ALL RECOGNITION WITH THE INTRODUCTION OF THE TWO MEASURES.
THESE MEASURES HAD CERTAINLY PROVED THEIR WORTH IN RECENT MONTHS WHEN THE MARKET TURNOVER AT TIMES ROSE TO EXCEPTIONAL LEVELS, HE NOTED.
MR CARTLAND SAID THE AUTHORITIES IN THE STOCK EXCHANGE, THE SECURITIES AND FUTURES COMMISSION AND THE GOVERNMENT WERE WELL AWARE OF THE NEED TO ALWAYS MOVE FORWARD AND DEVELOP IN ORDER TO KEEP AHEAD OF THE COMPETITION.
"A NUMBER OF IMPORTANT MARKET DEVELOPMENT MEASURES ARE ALREADY IN TRAIN OR ABOUT TO APPEAR, HE SAID.
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THEY INCLUDED REGULATED SHORTSELLING, OPTIONS ON INDIVIDUAL STOCKS AND THE AUTO MATCHING SYSTEM.
"OTHERS ARE ALSO IN VIEW BUT MAY BE A LITTLE FURTHER DOWN THE TRACK, HE SAID.
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THESE WERE THE POSSIBILITY OF FLOORLESS TRADING, ADOPTING THE NEGOTIATED COMMISSION SYSTEM, AND ALLOWING INDIVIDUAL INVESTORS DIRECT ACCESS TO THE CENTRAL CLEARING AND SETTLEMENTS SYSTEM.
ALSO UNDER CONSIDERATION WAS THE EXPANSION OF THE LISTED BOND MARKET IN HONG KONG.
"SOME OF THESE PROPOSED DEVELOPMENTS PRESENT CHALLENGES AS WELL AS OFFERING OBVIOUS ADVANTAGES," HE SAID.
HE EXPRESSED CONFIDENCE THAT THE STOCKBROKING COMMUNITY THE OBJECTIVES BEHIND THEM OF PROMOTING THE EFFICIENCY COMPETITIVENESS OF THE SECURITIES INDUSTRY IN HONG KONG.
SHARED
AND
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