The Chairman of Hong Kong Exchanges and Clearing Limited (HKEx), Ronald Arculli, sent a letter last Friday to over one hundred professionals and market practitioners, inviting views on Hong Kong’s action agenda on financial services under China’s 11th Five-Year Plan.
Mr Arculli is the convenor of the working group tasked to study possible improvements to the Hong Kong securities and derivatives market, clearing facilities and listing regime. Views collected will be consolidated and considered in the working group’s formation of strategic recommendations on market improvements.
Please see below for the content of the letter.
Ronald Arculli’s Letter to Professionals and Market Practitioners
22 September 2006
Dear Sir
As you may probably have learnt from the wide media coverage, an Economic Summit was held on 11 September 2006 in Hong Kong to discuss Hong Kong’s role in the China’s 11th Five-Year Plan and its future economic development. Four focus groups were formed to discuss in depth the range of the strategic proposals identified at the Summit, with a view to each submitting an “Action Agenda” setting out specific follow-up action to the Chief Executive of Hong Kong by the end of the year.
Under the Focus Group on Financial Services, three working groups have been set up to study the specific strategies to be put forward in the action plan. As the convenor of the working group to study issues in the following areas: (1) Cash Market, (2) Derivatives Market, (3) Clearing Market, and (4) Listing regime, in order to facilitate further development of Hong Kong financial market, I am now working closely with the group members on coming up with strategic recommendations on market improvement, in particular the market regulatory regime, so as to enhance Hong Kong’s competitiveness.
I believe that we should actively take part in the Five-Year Plan to fully grasp the opportunities arising therefrom for future development of our equity market. While the Action Agenda will definitely be contributing to the growth of Hong Kong , the extent of the benefit will however depend on the recommendations being made. The working group believes that the views and suggestions from market practitioners and representatives of various interested organisations on how Hong Kong can contribute to the country’s financial reform and development are of paramount importance.
I will endeavour to consolidate your views and appreciate it if you could send me your views on or before 29 September 2006.
Thank you in advance for your invaluable contributions.
Yours sincerely
Ronald Arculli