XN000022-1989-01-09 — Page 13

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MONDAY, JANUARY 9, 1989

BELIEVE THAT THERE THAT FEARS THAT THE DETERMINE ITS OWN LEVEL OF

OR EMPIRE-BUILD

INDULGE IN

"TAKING ALL THESE FACTORS INTO ACCOUNT, I

PUBLIC ACCOUNTABILITY AND ADEQUATE WILL BE COMMISSION WILL, IN EFFECT, BE ABLE TO EXPENDITURE

BE THUS

TEMPTED ΤΟ OVER-REGULATION WILL PROVE UNFOUNDED.

AND

WILL BE "IF EVERYTHING GOES WELL, AS I HOPE IT WILL, THE BILL

WEEKS TIME AND WE INTRODUCED INTO THE LEGISLATIVE COUNCIL IN A FEW

IN OPERATIONAL

THE FIRST CAN EXPECT THE NEW COMMISSION TO BE FULLY HALF OF THIS YEAR.'

IMPLEMENTING OTHER

MR NENDICK ALSO TOUCHED ON THE PROGRESS IN RECOMMENDATIONS OF THE SECURITIES REVIEW COMMITTEE (SRC).

HE

NOTED THAT THE STOCK EXCHANGE, TO ITS GREAT CREDIT, TOOK THE PROMPTLY ACCEPTED THE RECOMMENDATIONS IN THE SRC REPORT AND INITIATIVE IN AMENDING ITS CONSTITUTION.

AS FOR THE ESTABLISHMENT OF A NEW

AND CENTRAL CLEARING

TO SYSTEM SETTLEMENT

REPLACE THE EXISTING SYSTEM

STOCK FOR EXCHANGE AND OTHER PARTIES TRANSACTIONS, MR NENDICK SAID THE STOCK

THE NEW INVOLVED WERE NOW ACTIVELY WORKING ON THE DETAILED DESIGN OF SYSTEM.

ACTIVE

GLAD TO SAY "WITH REGARD TO THE FUTURES EXCHANGE, I AM

STEPS ARE BEING TAKEN BY THE EXCHANGE TO AMEND ITS

THAT

CONSTITUTION," HE SAID.

HE SAID THE EXCHANGE WAS ALSO IN AN ADVANCED IMPLEMENTING A NEW CLEARING AND RISK MANAGEMENT SYSTEM THE RECOMMENDATION OF THE SRC.

IN

OF STAGE LINE WITH

"IT MAY BE NOTED THAT THE GOVERNMENT HAS LEFT THE FOR THIS TO THE FUTURES EXCHANGE ITSELF, HE SAID,

INITIATIVE

F

ONLY LONG TERM THE TO SUPPORT

RISKS

"I SEE THIS AS RIGHT AND PROPER, FOR A FUTURES MARKET CAN CONTINUE IN HONG KONG IF THERE ARE THOSE PREPARED OVER THE TO COMMIT CAPITAL INVOLVED."

ΤΟ THE

MARKET ADEQUATE

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