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Financial and Monetary Affairs
settlement efficiency and eliminating settlement risk. The interface also enables users of the RTGS system to access intra-day and overnight liquidity through repurchase agreements.
Hong Kong operates one of the most active physical gold markets in the world. Spot gold can be traded through two closely related yet independent markets in the city the Chinese Gold and Silver Exchange Society and the Loco London gold market. The society, established in 1910, provides trading of both tael and kilo bars4. Prices track closely those in the major gold markets. in London, Zurich and New York. In addition, Hong Kong is one of the largest over-the-counter gold trading centres in Asia.
Hong Kong continues to be one of the most open insurance centres in the world, with 14 of the world's top 20 insurers authorised to conduct insurance business in Hong Kong either directly or through a group company. Of the 155 authorised insurers at the end of 2012, 72 were from 20 overseas jurisdictions or the Mainland. There were 19 professional re-insurers in Hong Kong, including most of the world's top re-insurers. Gross premium income in 2012 was $255.2* billion.
Major Initiatives in 2012
Continuous efforts were made in 2012 to enhance Hong Kong's competitiveness as an international financial centre. The Government continues to work closely with regulators and the industry to align with the international regulatory reform agenda, improve market quality and strengthen investor protection. It also continues to press ahead with various initiatives to advance financial co-operation with the Mainland and further develop offshore RMB business.
Enhancing Hong Kong's Competitiveness as an International Financial Centre
To build on Hong Kong's strength as China's global financial centre, the Government has been working to optimise Hong Kong's regulatory framework, keep abreast of local and international developments and enhance the quality of the local financial markets and increase their depth and breadth. The sustainable development of Hong Kong's financial sector would provide good quality employment for a wide spectrum of workers within the sector and related industries, enhance the competitiveness of Hong Kong's economy, and create new opportunities for both Hong Kong and the Mainland by strengthening financial co-operation.
Fund-raising Centre
The SEHK continues to attract new listings from the Mainland and other strategically important international markets. In 2012, three overseas companies were listed on the SEHK from Canada, Japan, and Singapore. Newly listed companies are attracted by the market's liquidity, attractive valuations and access to investors across Asia. The SEHK is working to accept more overseas jurisdictions as places of incorporation.
4 Tael bars are of 99 per cent fineness and weighted in taels (one tael equals approximately 1.20337 troy ounces). Kilo
bars are of 999.9 parts per thousand fineness and weighted in kilograms.
*
Provisional statistics.
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