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Stock Exchange of Hong Kong

Stock Exchange of Hong Kong. Company incorporated under the companies Ordinance Self-regulatory body responsible for promotion capital formation and securities trading in Hong Kong and China Providing a fair, transparent and efficient central securities marketplace. Job nature:

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Stock Exchange of Hong Kong

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  1. Stock Exchange of Hong Kong • Company incorporated under the companies Ordinance • Self-regulatory body • responsible for promotion capital formation and securities trading in Hong Kong and China • Providing a fair, transparent and efficient central securities marketplace

  2. Job nature: • Provide, regulate and maintain facilities for conducting the business of a stock exchange • To provide and operate a stock market for dealing in products, e.g. stocks • To maintain to the satisfaction of the SFC an adequate and properly equipped pace of places of business

  3. Make a central clearing system and clearing house for each type of securities. • To promote and protect the interest of exchange participants and the public • To establish equitable prinicple in business transaction • To establish and make rules for • Exchange participantship • Listing securities • Periodical or contract levies upon exchange participants • Brokerage or commission on securities transaction

  4. 8. Advertise or promote the sale of its services • Procure the SEHK to be registered or recognized in any country or place in the world.

  5. Securities( products) traded on the SEHK • Shares • Warrants • Equity warrants • Derivative warrants Bonds Exchange Fund Notes Stock Options Unit Trust/Mutual Fund Nasdaq Stocks

  6. Shares • A right to a specified amount of the share capital of a limited company • Two types of shares: • Ordinary shares • Having vote rights • Receive dividends (not mandatory) • Account for 99% of the SEHK’s market capitalization • Preference shares • A preferential distribution out of profit prior t oany distribution to the ordinary shares • Receive fixed dividend ( may receive extra dividend when profit exists) • Have a claims in the event of liquidation

  7. Warrants • A corporate-created option to purchase a stated number of securities at a fixed price on or before a future date. • Equity warrants • Warrants carrying the right to subscribe for equity securities of an issuer or any of its subsidiaries at a pre-determined price. • US-style warrants and exercised at any time prior to maturity • Minimum term of one year and maximum term of five year • Derivative warrants • covered warrant and non-collateralized warrants • call or put warrant • Issued over assets (currency, commodity )and equity securities • low market capitalization and turnover

  8. Bond • Represents debts or loans to an entity in which the entity promises to repay the bondholder or note-holder the total amount borrowed at maturity • Holder of bonds/ notes are creditors

  9. Exchange Fund Notes • In July 1999, HKMA & SEHK agreed to the listing of EFN • First EFN was listed in August 1999

  10. Stock Options • In September 1995, SEHK introduced the market for stock options • In end of 1998, there are 17 stocks with call and put options for trading

  11. Unit Trust/Mutual Fund • A form of collective investment through which a number of investors combine their money into a large central pool • Each unit trust/ mutual fund specialized investment of a particular type • They have a fund manager responsible for investments in the trust or funds

  12. Nasdaq Stocks • Seven Nasdaq stocks are permitted to be traded on the exchange floor of SEHK ( not equal to listed) • These stocks are: Amgen, Applied Materials, Cisco, Dell, Intel, Microsoft, and Starbucks

  13. Trading system • Order-driven system • Supported by automatic order matching and Execution System (AMS) • New system called “ AMS/3 “ is launched in 10/2000 • It consists of • Trading Terminal • Multi-Workstation System (MWS) • Broker Supplied System (BSS) • Order Routing System (ORS)

  14. AMS terminal are available to Exchange Participants • Clients’ orders are executed through AMS • Exchange participants are allowed to install at their registered business address one or two additional terminals • Increase the trading capacity of exchange participants • Allow to input orders to the AMS from their registered business address (without the telephone connection with floor trader)

  15. The system accepts at action and at-auction limit orders ONLY. • At auction orders • An order with no specified price • Entered into the trading at the final IEP • At auction limit order • An order with a specified price

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