1 ASAF 2001 Conference Hong Kong: Asia - The Third Global Financial Zone 4 December 2001 Rising to the new challenges - HKEx’s Response Mr K C Kwong Chief.

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Presentation transcript:

1 ASAF 2001 Conference Hong Kong: Asia - The Third Global Financial Zone 4 December 2001 Rising to the new challenges - HKEx’s Response Mr K C Kwong Chief Executive Hong Kong Exchanges and Clearing Limited

2 Macro Factors Reshaping the Global Financial Market  Globalisation  Technological advances

3 Demutualisation and merger of u Two exchanges : SEHK and HKFE u Three markets: Stock, Futures and Options u Three clearing houses: Stock, Futures and Options Formation of the Hong Kong Exchanges & Clearing Ltd: listed on the Stock Exchange in June 2000 The Hong Kong Response Reform of the Securities and Futures Markets

4 Commercial Interest Vs Public Interest Profit- driven Shareholder value Protection of Investors Orderly Market Regulatory role Commercial role

5 Information Services SettlementClearing Trade + Confirmation Order Issuer or Investor communications Initial Public Offering HKEx Offers a Full Spectrum of Products and Services PRIMARY MARKET SECONDARY MARKET Securities and Derivatives markets

6 Improvement to Financial Infrastructure u Complete rollout of AMS/3 functionalities u Derivatives Trading Integration u Clearing Systems Upgrade u Introduction of a Common Financial Network

7 Complete rollout of AMS/3 functionalities October 2000: Introduction of Third Generation Automatic Order Matching and Execution System (AMS/3) Benefits Brings greater convenience and flexibility to the market Facilitates straight through processing Enables the operation of multiple markets

8 Derivatives Trading Integration u Direct Access for Overseas Customers u Partnering with GL Trade / Radianz August 2001:Migration to Hong Kong Futures Automated Trading System (HKATS) Broadening distribution: Offer Remote Trading Access to HKATS

9 Clearing Systems Upgrade u Central Clearing and Settlement System (CCASS/3) u Derivatives Clearing and Settlement System (DCASS) u Common Risk Management System (CRMS) u Common Collateral Management System (CCMS)

10 Payment System Independent Financial Planners Independent Insurance Agents Options Exchange Regulatory Bodies Futures Exchange Stock Exchange Securities Brokerage Houses FinNet - A Common Financial Network Overseas Systems Banks Law Firms Boutique Financial Companies Insurance Companies RTGS PvP DvP STP TvP MPF Managers FinNet Independent Mortgage Brokers

11 Product and Services Development u Introduce international benchmark financial products u Introduce Exchange Traded Funds u Explore front-end and back-end services u Expand registrar, nominee and related services u Enhance investor information services

12 Market Regulation u Rationalisation of Main Board and Growth Enterprise Market Listing Rules, and listing approval procedures u New Securities and Futures Ordinance u Enhanced market surveillance

13 Conclusions HKEx aims: u to become the leading full-service Asian market u to become the Asian time-zone pillar in the global securities and derivatives markets u to be the preferred Asian partner for other major equities and derivatives exchanges seeking to build global alliances u to be the key international capital market for the Mainland China

14 Thank you