Wednesday, August 1, 1973
PRELIMINARY PROPOSALS FOR COMMODITY EXCHANGE
MAY BE SUBMITTED SOON
·E]
The establishment of a commodity exchange in Hong Kong will not
be delayed by the drafting of suitable legislation providing for proper
control of such exchanges, the Financial Secretary, the Hon. C.P. Haddon-Cave,
told the Legislative Council today.
He gave the assurance when replying to points raised by the Hon.
P.C. Woo during the resumed debate on the second reading of the Commodity
Exchanges (Prohibition) Bill 1973.
"The government is not opposed in principle to the establishment
and operation of a properly conducted exchange once the case for, and
viability of, an exchange has been made out," Mr. Haddon-Cave said.
Discussions were currently taking place between groups interested
in establishing an exchange, he said, and one comprehensive and representative
group might be in a position to submit preliminary proposals for consideration
as to how an exchange wight be organised.
The Financial Secretary also assured council that no additional
products would be added to the 20 already in the schedule of the bill in a
manner that would frustrate trade contracts already entered into.
The present list includes the major commodities that might possibly
have been traded in by an exchange established in Hong Kong.
In future, he said, a licensed exchange would be authorised to deal
in specified commodities only and it was unlikely that a new exchange would
be licensed to trade initially at least, in more than two or three commodities.
/Earlier,
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