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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