Hong Kong's Secretary for Financial Services and the Treasury, Frederick Ma Si-hang has joined brokers in voicing concerns over the proposed two hour extension to the trading day at Hong Kong Exchanges and Clearing (HKEx).
The exchange's board is due to meet next week to discuss shortening the lunch break to one hour, and extending the close of the market to 5pm. The changes are being considered in order to improve HKEx's competitiveness in the global arena - at just four hours, the market's trading day is one of the shortest in the world.
Putting forward a proposal to reduce the exchange's lunch break by half an hour, and to extend the trading day by the same amount, to 4.30pm, Mr Ma explained that in his opinion, extending trading further than that would increase market risk, as brokers would not be able to deposit client cheques in any but a handful of banks after 4pm.
However, the Financial Services Secretary stressed that he was speaking on his own behalf, rather than for the SAR government.
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