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2005 Interim Results “Solid Performance From Focused Strategies” Paul M Y Chow

2005 Interim Results “Solid Performance From Focused Strategies” Paul M Y Chow Chief Executive, HKEx 17 August 2005. Market Performance – Key Market Statistics. Stronger Performance From Higher Income and Stable Costs. Record Half-year Results Built on Focused Strategies.

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2005 Interim Results “Solid Performance From Focused Strategies” Paul M Y Chow

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  1. 2005 Interim Results “Solid Performance From Focused Strategies” Paul M Y Chow Chief Executive, HKEx 17 August 2005

  2. Market Performance – Key Market Statistics

  3. Stronger Performance From Higher Income and Stable Costs

  4. Record Half-year Results Built on Focused Strategies

  5. Higher Income From Most Activities

  6. 2005 H1 Investment Income

  7. Cost Control Produced Stable Cost Base

  8. Second Quarter vs First Quarter

  9. Future Initiatives – Building a Quality Market Enhance Listing Regulation • Publish in 2005 H2 the consultation conclusions and recommended rule changes on the new structure for listing decision-making • Develop proposals for the comprehensive review of GEM • Solicit market comments on the suggested transitional arrangements for the proposed publication of a notification announcement in newspapers instead of a full announcement; implementation is subject to system and operational readiness and approval of rule changes • Prepare for rule amendments upon the Government’s conclusions on giving statutory backing to major listing requirements

  10. Future Initiatives – Building a Quality Market Strengthen Market Infrastructure • Complete capacity upgrade of AMS/3 in 2005 Q4 and implement capacity planning for HKATS, DCASS and PRS for the derivatives market by the end of 2005 • Migrate HKATS/DCASS/PRS circuits to the SDNet in October 2005 as part of the network consolidation project that began early this year • Complete consolidation of AMS/3 satellite systems and redevelopment of derivative market surveillance and risk management (phase 1) systems • Replace AMS/3 off-floor terminals by end of 2005 • Upgrade capacity and enhance disaster recovery arrangements for the HKEx website • Dematerialise physical scrip in CCASS Depository in 2006 subject to enactment of the enabling legislation

  11. Future Initiatives – Building a Quality Market Service Market Users • Discuss further with the SFC the introduction of Callable Bull/Bear Contracts • Solicit market views on the introduction of more futures and options • Further improve the CCASS nominee services in early 2006 • Implement the modified collateral policy of the two derivatives clearing houses, simplify their Participantship structure and harmonise their capital requirements • Collect data for market impact analysis of the narrowing of minimum trading spreads for shares above $30

  12. 2005 Interim Results Briefing Thank you

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