14
30.
way
Hong Kong is not London, but we have come a long
in a short time. What better measure than the over
400 foreign owned banks represented in Hong Kong. Only
two other cities can boast more. Over half of our 274
authorised insurers are incorporated overseas. As a
foreign exchange market we rank sixth, with an average
daily turnover of some £30 billion. Our gold market ranks
third in the world in trading volume. Our stock market is
the fourth largest in Asia after Japan, and the bulk of
transactions are accounted for by foreign institutions.
31.
Like many other places we have had our share of
shocks to the system in recent years. Some of those shocks
have been unique to Hong Kong. But we have learned a lot
and emerged stronger than before. The stock market
market crash
of October 1987 showed up the weaknesses in our regulatory
system. Since then we have done much to implement the
recommendations made by the the
chaired by Ian Hay Davison.
i
Securities Review Committee.
Securities
/32.
The Securities
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