XN000022-1994-10-27 — Page 11

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THURSDAY, OCTOBER 27,

1994

THE

OF

FOREIGN SECRETARY: I THINK YOU WILL GET THE FLAVOUR OF WHAT BOTH

IN TERMS GOVERNOR AND

WE ARE NOT THINKING I HAVE BEEN SAYING.

DAY, SUDDEN DRAMATIC BREAKTHROUGHS AFTER WHICH THE SUN SHINES EVERY

WHAT WE ARE HOPING FOR AND BECAUSE LIFE IS NOT GOING TO BE LIKE THAT,

IN WORKING FOR IS STEADY PROGRESS ON THOSE MATTERS WHERE AGREEMENT IS

THAT IS WHAT WE ARE AIMING AT, THE INTERESTS OF EVERYBODY CONCERNED. WE HAVE IDENTIFIED THOSE MATTERS AGAIN TODAY AND WE WILL WORK TOWARDS AGREEMENT ON THOSE MATTERS.

QUESTION: DO YOU HAVE ANY LATEST INFORMATION ON CAMBODIA?

WE HAVE NO FIRM FOREIGN SECRETARY: I DO NOT HAVE MORE THAN YOU DO. NEWS BUT OF COURSE IN THIS KIND OF SITUATION OUR ANXIETIES, OUR FEARS, GROW DAY BY DAY.

THE

STATEMENT ON STOCK FUTURES

* * * * *

HAS GOVERNMENT

REJECTED

BY A SPECULATION

LEGISLATIVE

STOCK EXCHANGE LTD

COUNCIL MEMBER THAT THERE MAY BE A POLITICAL AGENDA BEHIND THE FUTURES

BY THE HONG KONG - FUTURES PROPOSAL. ANNOUNCED (HKFE) ON TUESDAY (OCTOBER 25).

SAID PURELY

THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, TODAY (THURSDAY) THAT THE PLAN TO INTRODUCE STOCK FUTURES WAS AN INITIATIVE OF THE HKFE WHICH AIMED TO BROADEN ITS PRODUCT RANGE.

"THE GOVERNMENT

COMPETITIVENESS INTERNATIONAL MARKETS.

GENERAL

IMPROVE THE MAJOR

TO SUPPORTS THE MOVE AS A STEP

VIS-A-VIS OTHER

OF

HONG

KONG

THE ALLEGATION

|

"THE OBJECTIVE HAS BEEN CLEARLY EXPLAINED AND THAT THE PROJECT WAS POLITICALLY MOTIVATED WAS COMPLETELY GROUNDLESS,' MR CARTLAND SAID.

HE ADDED THAT THE ROLE OF THE GOVERNMENT WAS TO PROPER AND SUFFICIENT RISK MANAGEMENT MEASURES WERE IN THE TRADING OF THE NEW CONTRACTS COMMENCED.

ENSURE THAT PLACE BEFORE

OF THE "IN TELIS REGARD, THE GOVERNMENT HAS THE CONFIRMATION SECURITIES AND FUTURES COMMISSION ABOUT THE RISK MANAGEMENT CAPABILITY OF THE HKFE AS WELL AS THE OVERALL BENEFIT THAT THE NEW PRODUCT BRING TO THE HONG KONG MARKETS, MR CARTLAND SAID.

**

"

WILL

ORDINANCE

'AMENDMENTS TO SCHEDULE 1 OF THE COMMODITIES TRADING WERE

SO NECESSARY

THAT THE SECURITIES AND

COMMISSION CAN FUTURES

ON THE IMPOSE STATUTORY RULES REGARDING TRADING AND POSITION LIMITS TRADING OF SUCH CONTRACTS," HE ADDED.

IT

MUST

PRIOR CONSULTATION IN RESPONSE TO COMMENTS THAT THERE WAS NO WITH THE MARKET BEFORE THE ANNOUNCEMENT WAS MADE, MR CARTLAND SAID WAS THE CLEAR VIEW OF THE FUTURES EXCHANGE THAT CONFIDENTIALITY BE MAINTAINED BEFORE THE PROPOSAL WAS APPROVED TO AVOID HONG KONG

TO POTENTIAL

COMPETITIVE

DEVELOPING SIMILAR PRODUCTS.

PRESSURE FROM

SUBJECTING OTHER MARKETS

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