CONFIDENTIAL
6
(c) The establishment of the Securities Review
Committee under Mr Ian Hay Davision was well
received.
(a)
There was some appreciation that Hong Kong was to
some extent only a domino caught up in world events. Moreover the crash did not adversely
affect Hong Kong's underlying economic strength.
(e)
(f)
Although Hong Kong was the only market which
actually closed, other markets were difficult to
deal in as well.
The role of the Bank of China in the rescue
operation was highlighted.
The Way Forward
9.
(a)
The return of confidence in Hong Kong will be
considerably affected by the effectiveness of new
regulatory measures. At the same time,
experienced market operators are well aware of
the difference between action and words, having
seen Congressional investigations and
Parliamentary reports etc before which came to
naught. In other words, they will be looking to
see both the SRC report itself and what HKG does
with it.
CONFIDENTIAL
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