As the deadline draws near, stock-market professionals are lobbying hard for yet another deferral, arguing once more that the industry is still too weak to withstand such a blow to its income structure. 51 brokerages have closed so far this year, and another 35 have apparently told the Securities and Futures Commission, which is now their regulator, that they plan to put up their shutters. The brokerages say that if the minimum is abolished, 200 firms could close, with the loss of 7,000 jobs.

Leaders of the various industry associations met last week with Hong Kong Exchanges and Clearing chairman, Charles Lee Yeh-kwong and Deputy Secretary for Financial Services and the Treasury, Au King-chi to put their case. The brokerages also want banks, which handle a substantial proportion of stock market trading, to apply the 0.25% minimum commission and to be regulated by the SFC. At present, banks apply no minimum, and are regulated by the Hong Kong Monetary Authority.

Since the SFC was created earlier this year under the SAR's contentious new Financial Services Act, there is some confusion about regulatory responsibilities. Many think that the SFC should entirely take over the regulation of financial services firms from the previous regulators, including HKEx and the HKMA.

The government has promised to consider the brokers' problems, but there will probably never be a good moment to deregulate commissions; and customers might ask why, if the banks can make money without a minimum, the brokers can't do the same.