The Stock Exchange of Hong Kong will introduce the first batch of Multi-workstation Systems (MWS) of AMS/3, the Third Generation Automatic Order Matching and Execution System, over a two-week period starting 4 December, following the successful launch of the eight pilot MWS. The rollout is part of the Stock Exchange's plan to progressively introduce MWS and additional Broker Supplied Systems to the market over the next few months.

Thirty-seven Exchange Participants have confirmed their operations are ready for the MWS rollout.

MWS are trading facilities offered by the Stock Exchange that enables more than one person to trade using a single trading facility. MWS also enable Exchange Participants to provide additional services to their clients such as automatic notification of trade results. In addition, Exchange Participants can use MWS and the Order Routing System (ORS), expected to be introduced in the first quarter of 2001, to provide electronic trading services to investors through the Internet, mobile phones, and other electronic channels.

The ORS is an open system that connects electronic access channels such as the Exchange-developed Internet Trading Service and Proprietary Network System (PNS) channels, which are supplied by vendors, to MWS and other trading facilities.

The Stock Exchange is now conducting ORS seminars for Exchange Participants and testing the system with PNS suppliers. When the seminars and tests are completed, the Stock Exchange will arrange training and rehearsals, and they will be followed by a progressive rollout of the ORS.

"Reuters InterTrade Direct (RITD) is a global cross-border service supporting the entire transaction processing chain that will be able to link up with the Stock Exchange's ORS to enable local brokers to receive and execute orders from institutional and retail investors," explained Kenneth Tsui, Managing Director, Reuters Greater China.

"New World Mobility's mobile stock trading service will enable investors to place orders directly with their brokers via the Stock Exchange's ORS," said Thomas Leung, New World PCS's Director of Product and Marketing and Development. "The newly developed mobile stock trading service is based on Public Key Infrastructure and Mobile Certificate technology, and will allow investors to enjoy convenient and secure mobile stock trading service."

"By deploying our PNS channel, Stock Exchange Participants that choose to use the ORS will be able to offer their clients online trading services through the Internet and an interactive voice response system," said Stephen Shiu, Chairman of HK Stock Limited.

Reuters, New World Mobility and HK Stock Limited, which have been participating in the ORS testing, and other PNS providers will offer brokers several options.

"We are pleased by the vendor interest in providing electronic access channels that connect to ORS," said Lawrence Fok, Chief Executive of the Stock Exchange. "They are helping us achieve our objective of offering Exchange Participants and investors additional choices."

Corporate Communications