Hong Kong bourse vies for global partners

Ulhas Joglekar ulhasj at bom4.vsnl.net.in
Mon Mar 13 05:01:22 PST 2000

7 March 2000

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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