The Hong Kong Futures Exchange (HKFE) has set Monday, 5 June 2000 as the date for the migration of Hang Seng Index (HSI) Futures and Options from open outcry trading to electronic trading on HKATS, subject to the grant of all necessary approvals from the Securities and Futures Commission and the Board of Hong Kong Exchanges and Clearing Limited.

To prepare for migration, the HKATS production software that is currently used for trading most HKFE products will be upgraded on Monday, 22 May 2000. All procedures and requirements relating to the system upgrade and migration will be reviewed at a briefing session for Participants on Friday, 12 May 2000.

Migration will put the Exchange and its Participants at the forefront of the trend in the international derivatives industry to realize the cost benefits, operational efficiencies and business opportunities provided by automated trading," HKFE Chief Executive Frederick Grede said.

"Participants are to be congratulated for their substantial contributions to the migration process. Through these considerable efforts, the Exchange and its Participants are about to join the elite ranks of the world's fully electronic derivatives marketplaces. We offer our sincere gratitude to Participants for their assistance and support and look forward to the significant benefits from the migration of HSI Futures and Options to HKATS."

For further enquiries, please contact HKFE Corporate Communications: Mr. Scott Sapp on 2842 9421 or Ms Teresa Chan on 2842 9386 .