A POLICY PAPER on SECURITIES AND FUTURES MARKET REFORM in Hong Kong
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¶ A POLICY PAPER ON SECURITIES AND FUTURES MARKET REFORM Government of the Hong Kong Special Administrative Region March 1999 Contents Page Executive Summary 1 1. Introduction 6 2. Opportunities for the Next Decade 8 3. Competition from Other Markets 9 4. Recent Developments in the Structure of the 10 Global Securities Markets 5. How to Address the Challenges 12 6. The Way the Other Markets are Responding 14 7. Hong Kong's Market Structure is Becoming 16 Outdated 8. The Way for Hong Kong - A Demutualised and Integrated 19 Market Structure to Increase Competitiveness 9. How to Implement the Market Reform in 29 Hong Kong 10. Failure to Reform is Not an Option 32 Appendices I Growth of Global and Asian Markets Over the Last Decade 34 II Description of the Principal Trading and Clearing 36 Bodies Comprising the Hong Kong Securities Market III Comparison of the Position of Members of the Exchanges 40 Before and After Market Reform IV Organizational Chart of NewCo in a Demutualised Structure 42 A POLICY PAPER ON SECURITIES AND FUTURES MARKET REFORM EXECUTIVE SUMMARY 1. Hong Kong's securities and futures industry has developed significantly over the last decade. Hong Kong is...


