The Hong Kong Futures Exchange announced today that Ivers W. Riley has been appointed Chief Executive.

Mr. Riley previously was Chief Executive of the Exchange from 1993 to 1997, during a period of exceptional growth for the Exchange. In his return as Chief Executive, Mr. Riley will focus his attention primarily on the successful migration of Hang Seng Index futures and options from open outcry to electronic trading and on forging international alliances. His experience also will be very beneficial in the transition of derivatives trading to the newly formed Hong Kong Exchanges and Clearing.

"We are extremely pleased to welcome Mr. Riley back to the Exchange", Dr. Geoffrey Yeh, Exchange Chairman said. "He is well-known and well-respected throughout the international futures and securities industries and will be a valuable asset, both to the Exchange and HKEC during this transition period."

Dr. Yeh added that, "Mr. Riley has many friends and supporters in Hong Kong and compiled an excellent track record during his previous service as Exchange Chief Executive. This is an important time in the Exchange's history as it prepares for migration and the merger, and Mr. Riley's knowledge and experience will be extremely valuable. We are very fortunate to be able to have Mr. Riley return to the Exchange."

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 Ms. Chiu Yeung on 2842-9322.