Hong Kong bourse vies for global partners
HONG KONG: As Hong Kong's stock and futures exchanges merged on Monday,
executives said they hope to form partnerships with U.S. and European
markets as part of a plan to establish 24-hour trading.
The new entity, called Hong Kong Exchanges and Clearing Ltd., hopes to
attract more listings from mainland Chinese companies, but chairman Charles
Lee said any mergers with mainland Chinese markets would be a long way off.
Among the stumbling blocks to such an idea would be China's currency, which
isn't fully convertible to major currencies. After the Asian crisis rattled
Hong Kong markets in 1998,
Financial Secretary Donald Tsang announced in March 1999 that the two
exchanges and the territory's security clearing company would merge to cut
costs and create a more efficient, open market.(AP)
For reprint rights: Times Syndication Service
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