Hongkong Clearing's Board of Directors welcomed and supported the proposals made by the Financial Secretary today (Wednesday) on the demutualisation and merger of the two exchanges and three clearing houses contained in A Policy Paper on Securities and Futures Market Reform.

The Board requested the management to consider the proposals in detail and to report to the Board on the issues and procedures concerning the transition to the new regime. Hongkong Clearing will work together with the Stock Exchange to meet the time frame for the reform.