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Survival tactics.

Hong Kong is carrying through its plans for major changes that industry members hope will put Hong Kong back on the map as a leading financial center. The merger of the Hong Kong Futures Exchange and the Hong Kong Stock Exchange, which includes combining clearing operations, is thought to be

the most monumental move toward this goal. The merger is targeted to be complete by September 2000.

Andrew Sheng Len Tao, chairman of the Hong Kong Securities & Futures Commission, says consolidation of the futures and securities markets is needed for Hong Kong to compete against electronic competitors.

"If we don't get our act together the markets will be blown away," Tao says.

Hong Kong also is making changes to its regulatory scheme. A new futures and securities bill will be presented to exchange members for a "market consultation" some time this summer and submitted to Hong Kong's legislative council by year end.

In addition, make sure to read these articles:

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    • Get the latest news on Northwest and United Airlines.
  • E-mails reveal that Swatch feared tax challenge
    • E-mails reveal that Swatch feared tax challenge By Adrian Michaels "Senior financial executives at Swatch Group feared that the company's global tax arrangements would ......
  • Interactivebrokers.com is the Future of Futures: PitTrading From the PC.
    • HONG KONG--(BUSINESS WIRE)--May 25, 1999-- Interactivebrokers.com, a subsidiary of the US-based Timber Hill Group, has received the first license to start offering Hong Kong investors ......
  • Exchanges merge.
    • The merger of the Hong Kong Futures Exchange (HKFE), the Stock Exchange of Hong Kong and the Hong Kong Exchanges and Clearing Ltd. (HKEx) now ......
  • Life of Riley.
    • Ivers Riley, former senior executive vice president of derivative securities at the American Stock Exchange (AMEX), rang in the new year in Hong Kong as ......
  • Swedes go south.
    • The Hong Kong Futures Exchange has agreed to purchase a SECUR derivatives clearing system from Swedish technology group OM AB (formerly OM Group) as part ......
  • MSCI China Free Index Futures and Options to beDeveloped by HKEx.
    • Business Editors HONG KONG--(BUSINESS WIRE)--Dec. 13, 2000 Hong Kong Futures Exchange (HKFE), a wholly owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), and ......
  • Coming attractions I.
    • The Hong Kong Futures Exchange (HKFE) has requested no action relief from the CFTC for its Hang Seng Index futures, which would allow their offer ......
  • DeCoro plans '05 Hong Kong IPO
    • Hong Kong— China-based, Italian-owned leather upholstery producer DeCoro has taken steps to make a public stock offering on the stock exchange here. "We have signed ......
  • STEPPING DOWN.
    • Robert "Randy" B. Gilmore has resigned from his position as chief executive of the Hong Kong Futures Exchange (HKFE). Gilmore, who cited personal reasons for ......
  • DeCoro plans Hong Kong IPO in '05
    • At the Market— China-based, Italian-owned leather upholstery producer DeCoro has taken steps to make a public stock offering in Hong Kong. "We have signed a ......
  • Currency ambition.
    • Infrastructure problems will delay the Hong Kong Futures Exchange's (HKFE) plans to trade currency futures in major currencies around the clock until next year. Given ......
  • Retail haven.
    • Retail investors make up almost half the 16,270 daily trading volume in futures on the Hong Kong stock index, according to a recent survey by ......
  • Red hot.
    • The Hong Kong Futures Exchange (HKFE) announced in July it will offer futures and options on the Hang Seng China-Affiliated Corporations Index, or Red Chip ......
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