Upgraded network to enable HKEx to improve market efficiency
Hong Kong May 8, 2002 - PCCW-HKT Telephone Limited, a subsidiary of PCCW, has reached an agreement with Hong Kong Exchanges and Clearing Limited (HKEx) to upgrade the organization's trading network Third Generation Automatic Order Matching and Execution System (AMS/3).
PCCW will design and implement the AMS/3 trading network upgrade. When the upgrade is completed, HKEx will improve market efficiency and will be able to increase the throttle rate, or the order throughput, of its Stock Exchange Participants' Open Gateways to AMS/3. Stock Exchange Participants transmit and receive transactions and data through Open Gateways.
"As Hong Kong continues to evolve as one of the world's leading financial centers, a robust and advanced securities trading structure is key for maintaining success," said PCCW Commercial Group Managing Director Aloysius Lee. "The entire network upgrade will involve 1,500 circuits and is expected to be completed in six months."
HKEx Chief Executive Kwong Ki-chi said the company had a long-standing relationship with PCCW and its predecessor, Cable & Wireless HKT. "They have worked closely with us since the development and introduction in 1993 of the first generation of the AMS," he said.
"We chose them to develop and implement the Order Routing System, the Multi-Workstation System and the trading network of AMS/3. Last year, we also selected PCCW to supply system hardware and software for the host end platform to support DCASS, the Derivatives Clearing and Settlement System. PCCW's responsibilities include installation and configuration, planning, control and management of various implementation tasks," Mr. Kwong said.
PCCW has a team of system integration engineers that can plan, design and implement information technology and telecommunication solutions specific to an organization's needs.
About PCCW
Pacific Century CyberWorks Limited (SEHK: 0008, ADR-NYSE: PCW), the Hong Kong-listed flagship of the Pacific Century Group, is one of Asia's leading integrated communications companies. From its market-leading position in Hong Kong, PCCW is focused on building shareholder value by leveraging synergies between its core businesses and partners, and by delivering customer-led total solutions throughout Asia. PCCW provides key services in the areas of: integrated telecommunications; broadband solutions; mobility and connectivity; narrowband and interactive broadband (Internet Services); business e-solutions; data centers and related infrastructure.
To learn more about PCCW, go to www.pccw.com
About HKEx
HKEx is the publicly listed holding company of the Hong Kong stock and derivatives exchanges and their related clearing houses. The company provides a comprehensive range of pre- and post-trade investment services as well as market information services. HKEx's stock exchange is the second largest in Asia and the tenth largest stock exchange in the world.
For more information, please visit HKEx's website at www.hkex.com.hk.