Hong Kong's Securities & Futures Commission Chief Executive Officer, Martin Wheatley, has stated this week that he thinks regulators should be alert to the risks that new technologies and developments may bring to the financial market - and address them pragmatically.
Speaking at the 6th Asia Pacific Trading Summit on Wednesday, Mr Wheatley observed that
the emergence of alternative trading venues and the increasing use of highly
advanced trading tools are posing greater regulatory challenges:
"As regulators, our job is to find an appropriate balance between facilitating
market development and protecting investors - not always easy when there are
conflicting interests and views, and a constant evolving financial landscape,"
he commented.
Mr Wheatley also suggested that Hong Kong's legislative framework allows for a fairly
flexible approach to regulating alternative trading systems. As Asia is beginning
to see the emergence of such platforms, it will have to start reviewing
regulatory frameworks to see what enhancements are needed, he argued.
Finally, Mr Wheatley encouraged market participants to engage regulators early
in the process of exploring new strategies, so that issues and concerns can be
thrashed out with minimum disruption to timetables.
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