1 Update on HKEx’s Latest Developments Mr Paul Chow HKEx Chief Executive 8 July 2003.
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Transcript of 1 Update on HKEx’s Latest Developments Mr Paul Chow HKEx Chief Executive 8 July 2003.
1
Update on HKEx’s Latest Developments
Mr Paul ChowHKEx Chief Executive
8 July 2003
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Development Strategy
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.
HKEx is committed to reinforcing and developing the Hong Kong markets as:
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Development Strategy
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.
In the longer term, HKEx will join with other financial institutions and professionals to work towards the following objectives:
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Strengthened Corporate Structure
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.
Corporate structure was revised in June to strengthen operational efficiency:
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Revised Corporate StructureChief Executive
Paul Chow
Chief Operating OfficerPatrick Conroy
Chief Operating Officer
E-Business & Information Services
Roger LeeHead - E-Business & Information Services
IT/SystemsStephen Law
Head - IT/Systems
Listing
Richard WilliamsHead - Listing
China Development & Listing Promotion
Cash Market Development & Operations
Derivatives Market Development & Operations
Participants Admission & Surveillance
Corporate Finance
Expert Department
Regulatory Discipline
Legal & Secretarial Services
Mary KaoHead - Legal &
Secretarial Services
Corporate Communications
Henry LawHead - Corporate Communications
Internal AuditCoven Hui
Head - Internal Audit
Research & PlanningMatthew HarrisonHead - Research &
Planning
Human ResourcesBrenda Yen
Head - Human Resources
Finance, Treasury, Administration & Risk
ManagementKaren Lee
Chief Financial Officer
Finance
Treasury
Administration
Risk Management
ExchangeLawrence FokDeputy Chief
Operating OfficerHead - Exchange
ClearingWalter Reisch
Head - Clearing
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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
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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
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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
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Market Highlights
Market Statistics (as of 30 June 2003) Main Board GEM
Number of listed companies 824 175
Newly listed companies this year 16 12
Average daily turnover this year 6,956 mil 103 mil
Market capitalisation 3,907,287 mil 60,965 mil
Price earnings ratio 13.90 28.13
IPO funds raised this year 6,541 mil 577 mil
Number of H share companies 58 22
Number of Red Chip companies 71 1
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Market Highlights2003 (Jan – Jun) 2002
*contract size increased by 5 times from 27 May 2002
Total Turnover Volume
Average Daily Volume
Total Turnover Volume
Average Daily Volume
Hang Seng Index Futures
2,996,057 24,761 4,802,422 19,602
Mini-Hang Seng Index Futures
564,016 4,661 1,107,964 4,522
HSI Options 1,111,397 9,185 1,070,405 4,369
3-Month HIBOR Futures*
24,729 204 280,257 1,144
1-Month HIBOR Futures*
50 0 970 4
Stock Options 1,768,279 14,614 3,724,705 15,203
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Thank you