XN000022-1988-11-11 — Page 6

FRIDAY, NOVEMBER 11, 1988

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HK FINANCIAL MARKETS EMERGE STRONGER

ONE YEAR AFTER "BLACK MONDAY", HONG KONG HAS EMERGED STRONGER AND BETTER EQUIPPED TO TAKE ITS PLACE AS THE MOST DYNAMIC AND INTERNATIONAL FINANCIAL CENTRE IN THE ASIA PACIFIC.

REGIONAL

AFFAIRS,

THIS WAS THE MESSAGE THAT THE SECRETARY FOR MONETARY MR DAVID NENDICK, GAVE YESTERDAY (THURSDAY) TO MORE THAN 100 LEADING BROKERS, BANKERS AND FINANCIAL ADVISERS ATTENDING AN EXECUTIVE BRIEFING ON HONG KONG IN NEW YORK.

THE BRIEFING, ORGANISED BY THE ASIA SOCIETY, CULMINATED A TWO-WEEK TOUR OF THE UNITED STATES BY MR NENDICK.

ADDRESSING THE GATHERING, MR NENDICK SAID THE GOVERNMENT ENSURE THAT HONG KONG'S FINANCIAL MARKETS LIVED UP EXPECTATIONS OF INVESTORS IN BOTH PROBITY AND SOUNDNESS.

WOULD

TO THE

HE SAID THE STOCK EXCHANGE ITSELF HAD ALREADY DONE MUCH ΤΟ RESTORE CONFIDENCE IN ITS OPERATION AND THIS HAD GREATLY REDUCED THE NEED TO IMPOSE REGULATIONS.

HOWEVER, HE SAID SOME REGULATORY FRAMEWORK WAS NECESSARY AND PROPOSALS ON THE POWERS TO BE GIVEN ΤΟ THE SECURITIES AND FUTURES COMMISSION WERE NOW UNDER DISCUSSION,

"THE GOVERNMENT IS GATHERING THE VIEWS OF THE PEOPLE INVOLVED IN THE MARKET'S AND THESE WILL BE TAKEN FULLY INTO ACCOUNT, HE SAID. "BUT WE AIM TO REACH A CONSENSUS WITHOUT EMASCULATING THE POWERS OF THE COMMISSION.

HE SAID THERE WOULD BE A FURTHER CONSULTATION BILL WAS PUBLISHED TOWARDS THE END OF THIS YEAR.

PERIOD AFTER A

ON THE QUESTION OF HOW MUCH THE COMMISSION WOULD COST, MR NENDICK ASSURED HIS AUDIENCE THAT THE LEVY ON THE MARKET WOULD BE MUCH LESS THAN THE EXISTING LEVY IMPOSED ON TRANSACTIONS BY THE STOCK EXCHANGE.

MR NENDICK WOUND UP HIS U.S. VISIT BY CALLING ON THE CHAIRMAN OF THE NEW YORK STOCK EXCHANGE, MR JOHN PHELAN.

BEFORE GOING TO NEW YORK, HE SPENT TWO DAYS IN BOSTON WHERE HE GAVE SPEECHES AND PRESENTATIONS TO AUDIENCES OF BUSINESSMEN AND

ACADEMICS.

HE GAVE A LECTURE TO THE FLETCHER SCHOOL OF LAW -AND DIPLOMACY AT TUFTS UNIVERSITY.

HE WAS ALSO GUEST SPEAKER AT A DINNER HOSTED BY THE INTERNATIONAL BUSINESS CENTRE OF NEW ENGLAND AND HE HAD A BREAKFAST MEETING WITH KEY PORTFOLIO MANAGERS AND INVESTMENT ADVISERS FOR BOSTON-BASED MUTUAL FUNDS.

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