The Hong Kong Futures Exchange (HKFE) announced today that Mr Rico Leung has been appointed Chief Operations Officer of the HKFE Clearing Corporation (HKCC), a subsidiary of the Exchange, with effect from 1 August 1999. Mr Leung was previously the HKCC's Head of Risk Management and Clearing Operations. In his new position, Mr Leung will oversee daily clearing operations, including risk management. He will continue to report to Mr Yuan Zhou, Chief Financial Officer of the Exchange and Chief Executive Officer of the HKCC.

Mr Leung has nearly ten years experience in risk management and clearing. Before joining the HKFE in January 1992, he was with International Commodities Clearing House (Hong Kong) Ltd (ICCH).

"We are pleased with Rico's accomplishments and are looking forward to his continued contribution in his new role with the clearing house," said Mr Zhou.

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