The following release was issued by the HKSAR government:

Financial services sector sails through the millennium

Being the first major international financial centre to operate on the first business day of Year 2000, Hong Kong's securities and futures markets opened smoothly today (January 3) under the watchful eyes of the world.

"We are extremely pleased that the financial market has managed the Y2K transition so impeccably without any incident," said the Financial Secretary, Mr Donald Tsang.

"Given this performance, we do not expect any major problem locally. However, we will remain vigilant and will monitor developments in the Hong Kong market and those in other major markets which are yet to open," Mr Tsang said.

The Financial Secretary thanked all those involved in the preparation and monitoring work. He visited the Financial Sector Emergency Co-ordination Centre (FSECC) at Citibank Tower this (Monday) morning which was activated on the last day of 1999. The Centre will remain in operation up to the late hours of tomorrow (January 4) as currently planned.

The financial services sector, including the banking industry, the securities and futures industry and the insurance industry, all opened normally for business on the first day of operation in 2000.

"As at close of business today, according to the Securities and Futures Commission (SFC), there are no reported Y2K-related incidents for all major shared financial systems in the securities and futures industry operated by the Stock Exchange of Hong Kong (SEHK), the Hong Kong Futures Exchange (HKFE) and the Hongkong Clearing (HKSCC). Furthermore, there have been no reports of Y2K-related issues from their members or other participants," a spokesman for the FSECC confirmed.

"In respect of the banking industry, the interbank payment and settlement systems operated by the Hong Kong Interbank Clearing Limited (HKICL) have reported no problem and are operating normally. The Hong Kong Monetary Authority (HKMA) has received no reports of Y2K-related incidents from the banks either. All banks are operating for business as normal on their first business day after the millennium date change."

"Regarding the insurance industry, the Office of the Commissioner of Insurance has not received any reports of Y2K-related incidents from the insurance companies and insurance brokers. All insurance companies and insurance brokers opened for business as usual," the spokesman concluded.