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Annual Review : Achievements and New Initiatives

Annual Review : Achievements and New Initiatives. Paul Chow Chief Executive, Hong Kong Exchanges and Clearing Limited 16 January 2008. Agenda. New Records in 2007 HKEx Strategic Focus and Initiatives for 2007-08 Major Achievements in 2007 Key Initiatives in 2008 Q & A.

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Annual Review : Achievements and New Initiatives

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  1. Annual Review : Achievements and New Initiatives Paul Chow Chief Executive, Hong Kong Exchanges and Clearing Limited 16 January 2008

  2. Agenda • New Records in 2007 • HKEx Strategic Focus and Initiatives for 2007-08 • Major Achievements in 2007 • Key Initiatives in 2008 • Q & A

  3. New Records in 2007In the Securities Market Up to year-end 2007 HK$ Pre-2007 Record $23,197.0 bil31638.22 $21,665.5 bil $88.1 bil $210.5 bil $3,487.3 bil $7,772.5 bil $4,693.9 bil $558.5 bil 6,312 (30 Oct 2007)(30 Oct 2007) (3Oct 2007)(Oct 2007) $13,339.9 bil 20001.91 $8,376.3 bil $33.9 bil $79.0 bil $1,082.1 bil $2,536.6 bil $1,790.1 bil $524.5 bil 2,823 (28 Dec 2006) (28 Dec 2006) (Year 2006) (Year 2006) (28 Aug 1998) (Nov 2006) (Year 2006) (Year 2006) (Year 2006) (Year 2006) Market Capitalisation# Hang Seng Index Total Market Turnover Average Daily Turnover Other Turnover Records Single-day Single-month H shares Derivative Warrants Total Equity Capital Raised* ^ Number of Newly Listed Derivative Warrants #The figures represent the total market capitalisation of all equity securities listed on the Main Board and Growth Enterprise Market (GEM)and exclude other listed securities such as REITsand government bonds. Trading only stocks under pilot programmes arealso excluded. * The figure excludes funds raised by REITs, which are classified as Unit Trusts. ^ Provisional figure

  4. New Records in 2007In the Derivatives Market Volume (Contracts) 2007 Pre-2007 Record Total Futures and Options 87,985,686 32,723,598 55,262,088 17,160,964 4,325,977 10,846,277 45,982,968 42,905,915 19,863,299 23,042,616 12,718,380 2,140,242 4,880,470 18,127,383 (Year 2006) (Year 2006) (Year 2006) (Year 2006) (Year 2006) (Year 2006) (Year 2006) Total Futures Total Options Hang Seng Index Futures Mini-Hang Seng Index Futures H-shares Index Futures Stock Options

  5. Agenda • New Records in 2007 • HKEx Strategic Focus and Initiatives for 2007-08 • Major Achievements in 2007 • Key Initiatives in 2008 • Q & A

  6. HKEx strategic focus and initiatives for 2007-08 • Primary market development • Attract Mainland and overseas issuers • Introduce HDR regime and review GEM • Secondary market development • Remove trading barriers • Facilitate participation of intermediaries • Improve market making services • Support growth in market volume • Product development • Facilitate new product launch • Develop new products in cash and derivatives markets • Service enhancement • Enhance information transparency • Facilitate price discovery • Improve communication with EPs • Streamline admission of EPs • Market Quality Enhancement • System Development Mainland Positioning Business Expansion Strategic Theme 2007-09 Focus of 2007/08 Service Improvement

  7. Agenda • New Records in 2007 • HKEx Strategic Focus and Initiatives for 2007-08 • Major Achievements in 2007 • Key Initiatives in 2008 • Q & A

  8. Major Achievements in 2007 Primary Market Development • Joint policy statement with SFC regarding the listing of overseas companies • Publication of a second board model proposal for GEM • MOUs with Abu Dhabi Securities Market, Moscow Interbank Currency Exchange, Hochiminh Stock Exchange and Mongolian Stock Exchange • Continued to actively promote Hong Kong market in the Mainland and overseas with marketing trips that included visits to Vietnam, Thailand, Malaysia, Kazakhstan, Russia, South Korea, India, Singapore, Taiwan, Mongolia, Japan, Europe and the US

  9. Major Achievements in 2007 Secondary Market Development • Publication of a consultation paper on a closing auction session • Introduction of a new market maker regime for futures and options • Implementation of the Electronic Disclosure Project • Relaxation of position limits for H-shares Index futures and options • Flexibility in position limits for HSI and H-shares index futures and options with negative vetting by Legco completed

  10. Major Achievements in 2007 Product Development • Rollout of more futures and options on Mainland-related stocks • Rollout of a third calendar quarter expiry month in more stock option classes • Rollout of Hang Seng China H-Financials Index futures • Launch of ETFs on world, regional and Mainland indices and commodities • Reduction of CBBC listing fees

  11. Major Achievements in 2007 • Market Quality Enhancement • Publication of a report on HKEx’s first review of the effectiveness of the Code on Corporate Governance Practices • Publication of a consultation paper on periodic financial reporting • Seminars and briefings for listed issuers and other market participants on a variety of HKEx-related issues • Enhancement of risk management measures

  12. Major Achievements in 2007 System Development • Upgrade of AMS capacity from 1.2 to 1.5 million trades per day • Migration of AMS circuits to SDNet, completing network consolidation project • Upgrade of AMS OG/MWS hardware and system software • Upgrade of HKATS and DCASS hardware and capacity • Replacement and upgrade of CCASS mainframe and middle-tier systems • Launch of the Electronic Disclosure System for the Electronic Disclosure Project and development of the Designated Website for Issuer News • Upgrade of HKEx website capacity

  13. Major Achievements in 2007 • Service Enhancement • Introduction of a tender service for trading rights • Introduction of more timely delayed market data • Improvement to the Issuer Information Feed Service (IIS) and fee reduction • Improvement to Market Data Feed (MDF) and Price Reporting System (PRS) • Enhancements to the Stock Segregated Account with Statement Service • Introduction of Third Party Clearing • Improvements to CCASS Nominee Services

  14. Major Achievements in 2007 Corporate • 2007 HKMA Best Annual Reports Awards Gold Prize (General Category) • HKMA Citation for Achievement in Corporate Governance Disclosure (General Category) • HKICPA Best Corporate Governance Disclosure Awards 2007 - Gold Award in Hang Seng Index Category • Named by The Asset magazine as one of the best companies in Hong Kong in terms of corporate governance • Asia Risk’s Derivatives Exchange of the Year 2007 • Review of HKEx’s senior executive remuneration

  15. Agenda • New Records in 2007 • HKEx Strategic Focus and Initiatives for 2007-08 • Major Achievements in 2007 • Key Initiatives in 2008 • Q & A

  16. Key Initiatives in 2008 2008 Q4 2008 Q1 2008 Q2 2008 Q3 Market Development • Study of possible admission of Remote Participants • Discussions with the SFC on suspending securities market’s tick rule • Implementation of 5-digit stock codes (7 April) • Introduction of Closing Auction (26 May) • Review of Parallel Trading Arrangements • Launch of depositary receipt regime • Launch of enhanced Growth Enterprise Market • Enhancements to market making services • Listing promotion activities in the Mainland and overseas

  17. Key Initiatives in 2008 2008 Q4 2008 Q1 2008 Q2 2008 Q3 Product Development • Review of Pilot Programme • Listing of Market Access Products • Launch of Mini-HHI futures (31 Mar) • Completion of feasibility study on trading of commodities derivatives • Completion of feasibility study on trading of emissions-related products

  18. Key Initiatives in 2008 2008 Q4 2008 Q1 2008 Q2 2008 Q3 Service Enhancement • Continued pursuit with major banks of increased immobilisation rate in CCASS • Development of information businesses on the Mainland • Streamlining Exchange Participants Admission and Registration function • Launch of Shareholding Disclosure Service • Improvement to two-way communication channels with Participants

  19. Key Initiatives in 2008 2008 Q4 2008 Q1 2008 Q2 2008 Q3 Market Quality Enhancement • Launch of Web Proof Information Pack Pilot Scheme (1 Jan) • Publication of Combined Consultation Paper on Proposed Changes to the Listing Rules (11 Jan) • Implementation of changes in suspension policy (late Feb) • Launch of Designated Issuer Website (Feb) • Publication of second review of issuers’ compliance with CG Code (Feb) • Publication of Conclusions on Combined Consultation Paper on Proposed Changes to the Listing Rules • Review of the CG Code and CG Disclosure Requirements • Publication of Consultation Conclusions on Periodic Financial Reporting • Training programmes for issuers

  20. Key Initiatives in 2008 2008 Q4 2008 Q1 2008 Q2 2008 Q3 System Development • Review of IT governance and core market systems • AMS/3 and MDF upgrade to support 5 million daily trades (28 Jan) • CCASS/3 upgrade to support 5 million daily trades (Mar) • HKATS & DCASS software upgrade to 19.1 (Mar) • Upgrade capacity and technology of SMARTS system • Start the HKEx corporate website revamp project • Review of IT governance and core market systems • PRS upgrade to deliver 2,200 messages per second • Agreement with the SFC on system requirements to facilitate electronic submission of disclosure of interest filings • Review of core market systems • CCASS/3 middle tier technology upgrade • Review of core market systems • AMS/3 and MDF upgrade to support 7.5 million daily trades • AMS/3 technical architecture design study • CCASS/3 upgrade to support 7.5 million daily trades* • DCASS and PRS upgrade to support 2.0 million daily trades • HKEx website and Investment Service Centre capacity upgrade *CCASS/3 further capacity upgraded to 7.5 million trades will be initiated if necessary AMS/3, the Third Generation Automatic Order Matching and Execution System, is the trading system for the securities market. CCASS/3, theLatest Generation Central Clearing and Settlement System, and the Market Data Feed, or MDF, are the other major market systems supporting the securities market. HKATS, the Hong Kong Futures Automated Trading System, is the trading system for the derivatives market. DCASS, the Derivatives Clearing and Settlement System, and PRS, the Price Reporting System, are the other major market systems for the derivatives market.

  21. Key Initiatives in 2008 2008 Q4 2008 Q1 2008 Q2 2008 Q3 Corporate • Start of refurbishment of derivatives data centre and IT offices • Preparation for the relocation and consolidation of derivatives data centres and IT offices • Consolidation of HKEx offices • Launch of project to define and develop “LISA”, the Listing Information Support System • Discussions with the Government on broader stamp duty exemptions or relief for certain transactions to minimise inconsistencies • Review of HKEx fees to ensure they are and remain reasonable and competitive • Identification of external consultant to conduct the first annual Green Audit

  22. Q & A

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