TNAG-1764-FCO40-2518-Hong-Kong-stock-market-and-exchange-rate-1988 — Page 120

*

29 HKEAO NEW YORK

P.9

14. The Press, especially the more influential journals and to

more limited degree,

a

rescue

gave good exposure

appointments

of

seen

ૐ

In a

radio,

to the

Government's

the

Hambros, package. Robert rell and Ian Hay Davison, and the establishment of the Securities Review Committee, which were generally positive steps in commentaries and interviews. three-column story in the 7 December issue of the Toronto Globe and Mail, James Rusk commented on the "sweeping changes" likely to be seen in Hong Kong, most of which would have to await Mr. Davison's Review Committee report. Changes predicted by Rusk included strengthened disclosure rules, insider trading "with teeth in them" more robust supervision, altering the

constitution Exchange's

to give corporate brokers educated brokers and clients. One representation and better educated brokers change Rusk forecast might precede the Davison report, was the introduction of a central clearing system with priority to be given to the automation of accounts settlement.

*

laws

15. The electronic media coverage of Hong Kong during the market's cris 15

Virtually blanket was constant and extensive. was given to coverage

the market's closure, the precipitous fall in prices when it re-opened and frequently thereafter, the usually Hong Kong stock exchange price movements (Hong Kong being mentioned after the Tokyo market and before Sydney and Singapore). For some weeks there were regular

regular radio and TV the significance of

interviewS

probing monitoring the price trends.

the

closure

and

market

16. Even in the continuing aftermath. Hong Kang's movements have become a regular feature on early morning radio.

Page 120Page 121