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HKEx Year-end Review 2003

HKEx Year-end Review 2003. Paul Chow Chief Executive, Hong Kong Exchanges and Clearing Limited 22 December 2003. HKEx 2003 Market Highlights. Securities Market. * Figures may not add up due to rounding. ^ Include funds raised by issue of new shares only.

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HKEx Year-end Review 2003

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  1. HKEx Year-end Review 2003 Paul Chow Chief Executive, Hong Kong Exchanges and Clearing Limited 22 December 2003

  2. HKEx 2003 Market Highlights Securities Market * Figures may not add up due to rounding ^ Include funds raised by issue of new shares only

  3. HKEx 2003 Market Highlights(cont’d) Securities Market ^including two and six GEM companies that have switched to the Main Board for listing in 2002 and 2003 respectively

  4. HKEx 2003 Market Highlights(cont’d) Securities Market

  5. HKEx 2003 Market Highlights(cont’d) Derivatives Market

  6. HKEx 2003 Market Highlights(cont’d) Derivatives Market

  7. 2003 Milestones • January • Published consultation conclusions on proposed amendments to the Listing Rules relating to corporate governance issues • Held listing promotion conference in Harbin • May • Announced the appointment of members to the Main Board and GEM Listing Committees with overlapping membership to provide greater flexibility • Jointly published the Consultation Paper on Regulation of Sponsors and IFAs • The final phase of CCASS/3 was introduced with the rollout of Participant Gateway • Abolished more fees and charges for Exchange Participants January May March April June • March • Launched S&P/HKEx LargeCap Index and S&P/HKEx GEM Index • Amended guidelines for gambling activities undertaken by listing applicants and/or listed issuers • June • Revised organisation structure to improve operational efficiency • Prioritised development projects • April • Formed new board of directors and re-appointed Charles Lee as Chairman • Signed MOU with SHFE on development of energy derivatives • Appointed Paul Chow as Chief Executive • Abolished some fees for Exchange Participants • Amendments to Main Board and GEM Listing Rules and new disclosure of interests mechanism became effective with the SFO

  8. 2003 Milestones • November • Opened Beijing Representative Office under the CEPA, and held a conference in Beijing marking the 10th anniversary of the listing of Mainland enterprises in Hong Kong • Awarded Diamond Award by 2003 HKSA Best CorporateGovernance Disclosure Awards in the non-HSI Category • Held listing promotion conference in Hangzhou • September • Amended Listing Rules for listing and trading of collective investment schemes authorised by the SFC • July • Began the strategic planning process July September November December October August • August • Held listing promotion conference in Guangzhou and Fuzhou • Abolished more fees and charges for Exchange Participants • December • Introduced H-shares Index Futures • October • Issued consultation paper on proposed operational model for scripless securities market • Upgraded HKATS • Finalised the strategic plan for 2004 - 2006

  9. Direction & Strategies for the coming three years Positioning • Being the international gateway for Mainland issuers • Being the gateway for international players to access China Strategies • Becoming a Mainland partner • Building a quality market • Becoming one of the world’s larger exchanges with international standards and practices

  10. 2004 Key initiatives - Becoming a Mainland Partner China Listing • Attract more major, high quality Mainland enterprises • Enhance listing services to Mainland issuers China Products • Develop China-related products Cooperation • Explore crude oil contract with Shanghai Futures Exchange • Explore cooperation with Shenzhen Stock Exchange

  11. Strengthen Market Infrastructures Introduce DCASS Strengthen the reliability, security and availability of market systems Study the potential and market impacts of a scripless market Study Enhanced CCASS Investor Participant Account services Explore the possibility of network consolidation (i.e. AMS/3, CCASS/3, HKATS and Market Data Feed) to seek cost reduction at both HKEx, and Exchange and Clearing House Participants without sacrificing service quality 2004 Key initiatives - Building a quality market

  12. 2004 Key initiatives – Building a quality market Improve Investor Protection • Improve the listing regulatory structure based uponthe outcome of the Government review • Revamp the Listing Committee’s role in decision-makingand related structures • Improve disciplinary process • Promote the statutory backing for selected Listing Rules • Further develop corporate governance by introducing new rules and code • Publish consultation conclusions on initial listing criteria and continuing obligations • Consider delisting mechanism • Consider market views on regulation of sponsors and IFAs

  13. 2004 Key initiatives – Building a quality market Improve Investor Protection (cont’d) • Improve the transparency of the odd lot market • Enhance investor education • Strengthen market education and director training

  14. 2004 Key initiatives – Building a quality market Improve Market Liquidity • Review the trading spreads in the securities market • Review Exchange Traded Fund market making mechanism • Study the introduction of more structured products • Review the stock option market and introduce more single stock options • Study the introduction of H-shares index options

  15. 2004 Key initiatives – Consolidation • Continue to improve cost structure • Prioritise project and streamline workflow • Strengthen staff team • Improve risk management

  16. Questions & Answers

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