The Hong Kong Futures Exchange (HKFE) announced today that it has decided to schedule simulated trading tests of its HKATS electronic trading system for the next two Saturdays (4 and 11 September) after consultation with independent consultants and the Securities and Futures Commission (SFC).

Should the tests yield positive results, and subject to the concurrence of independent consultants and the approval of the SFC, the Exchange would plan to migrate Hang Seng Index (HSI) Futures and Options simultaneously in 1999.

Please refer to the attached Member Circular for more details. The Member Circular can also be found under the Membership section of the Exchange's website at www.hkfe.com.

The Hong Kong Futures Exchange is a leading futures and options marketplace in the Asia Pacific Region, with a membership of over 130 companies, including a number of major international institutions. The Exchange is actively diversifying its product base, which now includes currency, interest rate and equity-based products.

For further enquiries, please contact HKFE Corporate Communications: Mr. Mark Tung on 2842 9448 or Miss Chiu Yeung on 2842 9322.