HKEx Pledges Shorter Settlement Times, Improved Service
Speaking at the Asia Securities
Analysts Federation 2001 Conference on Tuesday, the Chief Executive of Hong
Kong Exchanges and Clearing, Kwong Ki-chi announced that agreements had been
reached with other exchanges in the region to shorten settlement times and improve
services. Mr Kwong revealed that the
planned upgrades to clearing services in the Hong Kong exchange will take place
next year, and that by 2003, HKEx hopes to be able to settle trades one day
after they are made (T+1). The exchange chief spoke earlier this week about
the reasoning behind the decision. 'There has been a worldwide
trend to shorten settlement times,' he explained, 'and Hong Kong needs to follow
suit. A shorter settlement time would help reduce risks in the market.' On Monday, the Securities
and Futures Commission head, Andrew Sheng told the same conference of the necessity
for Asian stock markets to work together and co-operate, arguing that if they
failed, they faced defeat by merged and consolidated European rivals. .
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