TNAG-1765-FCO40-2519-Hong-Kong-stock-market-and-exchange-rate-1989 — Page 194

1988-06-01

18:24 G.I.S

1

14

P.08/13

(4) Finally,

independent

but

most

important

detached

well paid and qualified staff in

the exchanges are essential to ensure the

integrity of the self-regulatory system.

Applying these precepts we summarise our main

recommendations in para. 1.9 of the report :-

(1) We propose

"a

fundamental revision of the

internal constitution of both the Exchanges;

in

particular, in the case of the Stock

Exchange,

thera

should

be

Proper

representation on the governing body for

individual and corporate members, combined

with an independent element to ensure that

the Exchange is

properly governed and works

in

the interests

2

We

of all members and users."

recommend a Council of 22: 16 brokers of

which 4 must be corporate

individual; 5 independent

the Chief Executive.

members and

non-brokers; and

More details are get

out in Chapter IV for the Stock Exchange and

in the latter half of Chapter VI for the

Futures Exchange.