MONDAY, DECEMBER 6, 1993
THE
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THE
CHINESE MANUFACTURERS' AND EQUIPMENT DESIGN FOR THE PRODUCTIVITY
FEDERATION OF HONG KONG INDUSTRIES IS RESPONSIBLE FOR CONSUMER PRODUCT DESIGN CATEGORY; THE ASSOCIATION OF HONG KONG FOR THE MACHINERY CATEGORY: THE HONG KONG PRODUCTIVITY COUNCIL CATEGORY; THE INDUSTRY DEPARTMENT FOR THE QUALITY PRIVATE SECTOR COMMITTEE ON THE ENVIRONMENT FOR THE ENVIRONMENTAL PERFORMANCE CATEGORY AND THE HONG KONG TRADE DEVELOPMENT COUNCIL THE EXPORT MARKETING CATEGORY.
CATEGORY;
THE
FOR
APART FROM THE GOVERNOR'S AWARD FOR INDUSTRY, WHICH IS AWARDED TO THE MOST OUTSTANDING ENTRY IN EACH AWARD CATEGORY, BACH ORGANISER ALSO PRESENTS THE LEADING ORGANISER'S AWARD(S) AND CERTIFICATE(S) OF MERIT IN THE CATEGORY FOR WHICH IT IS RESPONSIBLE.
CENTRAL MONEYMARKETS UNIT SERVICE LAUNCHED TODAY
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THE CHIEF EXECUTIVE OF THE HONG KONG MONETARY AUTHORITY (HKMA) MR JOSEPH YAM, ANNOUNCED TODAY (MONDAY) THE LAUNCHING OF THE CENTRAL MONEYMARKETS UNIT (CMU) SERVICE.
MR YAM SAID THE CMU SERVICE PERFORMED THE ROLE OF A CENTRAL CUSTODIAN AND CLEARING AGENT FOR THE HONG KONG DOLLAR DEBT INSTRUMENTS ISSUED BY PRIVATE SECTOR ISSUERS.
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IT HANDLES DEBT INSTRUMENTS WHICH ARE EITHER IMMOBILISED OR DEMATERIALISED, AND TRANSFER OF TITLE IS EFFECTED BY COMPUTER BOOK ENTRY, MR YAM EXPLAINED.
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"THE SERVICE OFFERS AN EFFICIENT SAFE AND CONVENIENT CLEARING SYSTEM WHICH WILL GO A LONG WAY TOWARDS REDUCING TRANSACTION COSTS AND SETTLEMENT RISK," HE SAID.
MR
THE FINANCIAL SECRETARY,
HAMISH MACLEOD, WELCOMED THE SETTING UP ON THIS CMU WHICH WAS MENTIONED IN HIS LAST BUDGET SPEECH ON MARCH 3.
MR MACLEOD POINTED OUT THAT THE CMU SERVICE WAS PART OF THE CONTINUING EFFORTS TO DEVELOP HONG KONG'S DEBT MARKET, THROUGH WHICH THE COMPETITIVE EDGE OF HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE WOULD BE FURTHER ENHANCED.
IN DEVELOPING THE CMU SERVICE, THE HKMA HAS WORKED CLOSELY WITH THE HONG KONG CAPITAL MARKET'S ASSOCIATION то ENSURE THAT THE SERVICE MEETS THE NEEDS OF THE MARKET.
ELEVEN COMPANIES HAVE ALREADY SIGNED UP AS MEMBERS OF THE CMU SERVICE. THE NAMES OF THESE 11 FOUNDING MEMBERS ARE AS FOLLOWS:
BANK OF CHINA, HONG KONG BRANCH
JARDINE FLEMING BANK LIMITED
/LTCR ASIA