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HKEx News Release

Updated: 15 January 2003

Minimum commission rates will cease to have effect from 1 April as scheduled

The Board of Directors of Hong Kong Exchanges and Clearing Limited (HKEx) today (Wednesday) confirmed its earlier decision that minimum commission rates will cease to have effect from 1 April. With effect from that date, therefore, commissions will be freely negotiated between brokers and their clients.

The HKEx Board has taken into account the views of the Government as set out in its letter to the Board on 14 January stipulating, inter alia, that the liberalisation of the commission rates with effect from April 2003 is in the best interests of the public.

The Government has expressed its intention to set up a tripartite forum among the Financial Services and the Treasury Bureau, the Securities and Futures Commission (SFC) and HKEx to consider ways to assist brokers, in particular small and medium-sized brokers, in strengthening their competitiveness in the current business environment and in the light of the decision made today. HKEx supports the initiative and will work closely with the Government and the SFC.