Revenues received by Hong Kong’s financial regulator leapt by 63% in 2003 on the back of improved stock market conditions and trading volumes, the Securities and Futures Commission’s annual report revealed last week.
As a result, total revenues collected by the FSC reached HK$551 million (US$70.6 million) helped by a 104% boost in the in the levies received by the Stock Exchange of Hong Kong and the Hong Kong Futures Exchange, which reached HK$380 million (US$48.7 million).
The boost in revenues helped the FSC turn round two years of deficits into a net surplus of HK$125 million (US$16 million).
For financial intermediaries, an improvement in market conditions and higher trading volumes also boosted profits. Securities dealers and margin financiers increased their bottom line by 3.6% to HK$6,788 (US$870.3 million) over the previous year, according to the report.
Additionally, total shareholders funds increased by 23% whilst return on these funds jumped to 10.7% from 3.6% in 2002.
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