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Update on HKEx’s Latest Developments

Update on HKEx’s Latest Developments. Mr Paul Chow HKEx Chief Executive 8 July 2003. Development Strategy. HKEx is committed to reinforcing and developing the Hong Kong markets as:. The key international capital market for Mainland and Hong Kong enterprises;

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Update on HKEx’s Latest Developments

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  1. Update on HKEx’s Latest Developments Mr Paul ChowHKEx Chief Executive8 July 2003

  2. Development Strategy HKEx is committed to reinforcing and developing the Hong Kong markets as: • The key international capital market for Mainland and Hong Kong enterprises; • The Asian time-zone pillar in the global securities and futures markets; • The preferred Asian partner for major equities and derivatives exchanges seeking to build global alliances.

  3. Development Strategy In the longer term, HKEx will join with other financial institutions and professionals to work towards the following objectives: • Assist Mainland enterprises and investors in moving into the international market; • Establish a rating mechanism appropriate for the region and develop a new rating service industry in the region; • Become the most important investment and fund management centre in the Asian time zone where analysts assemble; and • Integrate with the Shanghai and Shenzhen markets upon full convertibility of renminbi to develop into Asia’s biggest financial market.

  4. Strengthened Corporate Structure Corporate structure was revised in June to strengthen operational efficiency: • Main structural changes involved the Exchange Business Unit and the Listing, Regulation and Risk Management Unit which was renamed the Listing Unit; • Streamlining resulted in some redeployment and redundancies; • Corporate restructuring has been completed but workflow review continues; • Staff salaries continue to be reviewed annually based on individual performance.

  5. Revised Corporate Structure Chief Executive Paul Chow Chief Operating OfficerPatrick ConroyChief Operating Officer E-Business & Information ServicesRoger LeeHead - E-Business & Information Services Legal & Secretarial ServicesMary KaoHead - Legal & Secretarial Services ExchangeLawrence FokDeputy Chief Operating OfficerHead - Exchange ClearingWalter ReischHead - Clearing Finance, Treasury, Administration & Risk ManagementKaren LeeChief Financial Officer IT/SystemsStephen LawHead - IT/Systems ListingRichard WilliamsHead - Listing Corporate CommunicationsHenry LawHead - Corporate Communications China Development & Listing Promotion Corporate Finance Finance Expert Department Treasury Cash Market Development & Operations Internal AuditCoven HuiHead - Internal Audit Administration Regulatory Discipline Derivatives Market Development & Operations Research & PlanningMatthew HarrisonHead - Research & Planning Risk Management Participants Admission & Surveillance Human ResourcesBrenda YenHead - Human Resources

  6. Looking Ahead Listing Matters: • The Government’s consultation on the listing regime; • Amendments to Listing Rules relating to corporate governance issues; • Conclusions on the consultation on proposed amendments to Listing Rules regarding sponsor regulation; and • Conclusions on the consultation on initial and continuous listing eligibility criteria and delisting mechanism

  7. Looking Ahead Market Facilities: • Upgrade of HKATS to OM 17.1 • Integration of derivatives clearing • Enhancement of Investor Account in CCASS • Third Party Clearing • Scripless market model • Consolidation of clearing houses • Consultation on narrowing minimum spreads

  8. Looking Ahead Development of Products and Services: • Exploration of new financial products and review of existing products • Development of energy derivatives • Capital Protected Instruments • Equity Linked Instruments • Regional Exchange Traded Funds • Stock Options • Interest Rate Swap Futures

  9. Market Highlights

  10. Market Highlights

  11. Thank you

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