XN000022-1988-10-12 — Page 24

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WEDNESDAY, OCTOBER 12. 1988

THE

HAD

OF

THE

THE GENERAL THRUST GOVERNMENT

ACCEPTED

INTO COMMITTEE'S RECOMMENDATIONS, AND LEGISLATION WOULD BE INTRODUCED

YEAR TO ALLOW A NEW THE LEGISLATIVE COUNCIL BEFORE THE END OF THE

ΤΟ COMMISSION REGULATORY AUTHORITY THE SECURITIES AND FUTURES BECOME FULLY OPERATIONAL EARLY NEXT YEAR.

JJ

HAD

ALSO

HE NOTED THAT THE SECURITIES REVIEW COMMITTEE

THE CONSTITUTION AND INTERNAL RECOMMENDED FUNDAMENTAL REVISION OF MANAGEMENT OF BOTH THE STOCK EXCHANGE AND THE FUTURES EXCHANGE.

"THESE

RECOMMENDATIONS

BY

HAVE BEEN ACCEPTED

THE STOCK GREAT CREDIT, TAKEN THE EXCHANGE WHICH HAS, TO ITS

INITIATIVE TO ITS IMPLEMENT THEM. THE FUTURES EXCHANGE WILL BE PUTTING PROPOSALS TO MEMBERS IN A FEW WEEKS TIME," HE SAID.

TAKEN IN BEING

LINE WITH THE ACTION WAS ALSO

COMMITTEE'S SHOULD RECOMMENDATION THAT FOR SETTLEMENT OF STOCK TRANSACTIONS THERE

NEW STATUTORY BE A CENTRAL CLEARING SYSTEM UNDER THE MANAGEMENT OF A CLEARING HOUSE, AS WELL AS AN EXTENSION OF THE SETTLEMENT PERIOD.

Į

INVOLVED PARTIES

A INCLUDING "THE STOCK EXCHANGE AND OTHER

DETAILED DESIGN OF A NUMBER OF MAJOR BANKS, ARE NOW WORKING ON THE

SIR DAVID SAID. NEW SYSTEM WHICH SHOULD BE IN PLACE BY EARLY 1990,

"IN THE MEANTIME, INTERIM ARRANGEMENTS HAVE BEEN INTRODUCED THE EXCHANGE TO IMPROVE EFFICIENCY.

HONG KONG HAS "THUS, WITHIN A RELATIVELY SHORT PERIOD,

WERE REVEALED GREAT EFFORTS TO LEARN FROM THE WEAKNESSES WHICH OCTOBER AND TO PUT MORE DURABLE STRUCTURES IN THEIR PLACE.

BY

MADE LAST

BE TACKLED SIR DAVID SAID ANOTHER PROBLEM AREA THAT NEEDED TO

THE FAIRNESS OF THE WAS INSIDER DEALING, AN ABUSE WHICH UNDERMINED MARKET.

DOES

NOT

OCCUR.

ALL WE CAN "WE MUST DO LEGISLATION WILL BE INTRODUCED THIS SESSION TO INCREASE SUBSTANTIALLY

ΤΟ

SEE THAT

IT

THE RANGE OF SANCTIONS WHICH TRIBUNAL. THESE MEASURES ARE DETERRENT THAN WE HAVE NOW.

MAY BE IMPOSED BY

ΤΟ DESIGNED

THE INSIDER TRADING CREATE A MORE EFFECTIVE

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