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Achievements and New Initiatives

Achievements and New Initiatives. Paul Chow Chief Executive, Hong Kong Exchanges and Clearing Limited 7 January 2005. New Records in the Derivatives Market. 2004 Achievements. Listing Regulation. Streamlined enforcement process Implemented Code of CG Practices & CG Report

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Achievements and New Initiatives

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  1. Achievements and New Initiatives Paul Chow Chief Executive, Hong Kong Exchanges and Clearing Limited 7 January 2005

  2. New Records in the Derivatives Market

  3. 2004 Achievements Listing Regulation • Streamlined enforcement process • Implemented Code of CG Practices & CG Report • Issued rule amendments to CG issues & initial listing criteria • Published Listing Committee Annual Report • Enhanced regulation of sponsors & IFAs • Published Interpretive Letters – Rejection Letters Series on website Trading • Reviewed usage of Trading Hall upon expiry of lease and launch relinquishment programme for on-floor terminals • Reviewed narrowing of trading spreads • Reviewed market making for ETFs • Launched new products, including H-shares Index Options and 4 stock options and futures on H-shares Clearing • Concluded way forward for scripless market operating model • Enhanced Investor Account Service • Signed a MOU with China Securities Depository and Clearing Corporation Limited

  4. Market Systems • Launched DCASS • Maintained 100% system uptime • Given Gold Award in 2004 IT Excellence Award Information Services • Revamped HKEx Website • Disseminated odd lot market data • Expanded information dissemination in Mainland and Japan China Dimension • Strengthened Beijing Office; stationed representatives in Shanghai and Guangzhou • Continued market education efforts and organised conferences to promote services of Hong Kong market

  5. 2005 Major Initiatives Listing Regulation • Review the role and structure of the Listing Committees • Work with our Mainland counterparts to establish a framework for the simultaneous listing of H-shares in Hong Kong and A shares on the Mainland • Review the operation and regulatory policy of GEM • Improve the efficiency of listing application and IPO vetting processes • Support the establishment of statutory listing requirements and a more regulatory framework for the accounting industry • Further efforts to enhance corporate governance and effective quality management after listing

  6. Exchange • Implement Phase 1 of narrowing trading spreads • Improve market-making for exchange-traded funds • Design and begin fitting out the new multi-function Trading Hall • Revamp the stock options market and introduce more stock options on Mainland enterprises listed in Hong Kong • Consider introducing new products Callable Bull/Bear Certificates and futures and options on the FTSE/Xinhua China 25 Index • Review position limits and market-making obligations in the derivatives market

  7. Clearing • Implement a general collateral policy • Implement the model for a scripless securities market • Strengthen HKEx’s nominee services • Establish a framework for agency arrangements in CCASS and overseas access to CCASS • Consider the possibility of T+2 settlement finality

  8. Information Technology • Consolidate the existing networks for the four major market systems • Upgrade host capacity and network of AMS/3 • Replace technology and system software nearing obsolescence and consolidate satellite applications • Enhance CCASS • Upgrade the system capacity and functionalities of HKATS and DCASS, and conduct a feasibility study of upgrade the HKATS and DCASS software • Upgrade the HKEx website capacity and establish a disaster recovery website

  9. Information Services • Expand the dissemination of information of the HKEx markets in the Mainland and other selected regional markets • Recruit new information vendors and review the reporting and compliance regime for information vendors that work with HKEx • Upgrade derivatives market data dissemination capacity • Streamline processes for handling the increasing workload stemming from continuous increase in volume of issuer news and Disclosure of Interests filings

  10. Business Development & Investor Services • Continue efforts to promote services offered by the Hong Kong securities market to attract issuers and fund providers • Continue to organise training seminars for investors, Exchange Participants, issuers and potential issuers

  11. THANK YOU

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