- Review on the corporate governance requirements under the Listing Rules
|
Comments are being consolidated for analysis. |
The consultation conclusions will be published in January. Subsequently, related amendments to the Main Board and GEM Listing Rules will follow. |
- Consultation on the regulation of sponsors and financial advisors
|
Not mentioned in this report. |
HKEx plans to consult the market in the first quarter of 2003. |
- Review of practices on dissemination of listed issuers' announcements
|
HKEx is finalising its position. It is expected to announce the consultation results and overall implementation plan in November/December 2002. |
HKEx is finalising its position and expects to announce the consultation results and overall implementation plan in the first quarter of 2003. |
- Exploration of new financial products and review of existing products
|
Not mentioned in this report. |
HKEx is exploring the business viability of introducing the following financial products:
- Capital protection products in the securities market
- Interest rate swap futures
- Flexible options on Hong Kong stocks and indices
- Cash settled EFN futures
|
- Introduction of S&P/HKEx index series
|
HKEx and S&P have been working together and consulting market participants before finalising and announcing the constituent stocks for the new index series, following the agreement signed by the two companies in July. |
HKEx plans to launch the index series in the first half of 2003. |
- Consultation on board lot size
|
Not mentioned in this report. |
HKEx plans to consult the market in the first half of 2003. |
- Introduction of e-broker facility
|
Not mentioned in this report. |
|
- Optional upgrade of the throttle rate of Open Gateways to AMS/3
|
The completion is expected by the end of October and market rehearsals will be conducted. The upgraded network is expected to be available for production use before year-end. Stock Exchange Participants were informed of the application details for increased throttle rates in early October. |
HKEx is exploring the facility to enable convenient local access to other markets. |
- Upgrade of Central Clearing and Settlement System (CCASS/3)
|
HKEx aims to implement CCASS/3 Stage 2 before year-end, following further market rehearsals, which are being scheduled. |
Upgrade of AMS/3 network was put into production on 23 December 2002. |
- Integration of derivatives clearing
|
HKEx plans to conduct a series of internal tests and market rehearsals to ensure market readiness. HKEx aims to introduce the Derivatives Clearing and Settlement System (DCASS) in the first quarter of next year. |
To allow more time for participants to familiarise themselves with the next upgrade of HKATS prior to the launch of DCASS, the launch of DCASS has been rescheduled for the last quarter of 2003. |
- Upgrade of HKATS to OM 17.1
|
Not mentioned in this report. |
HKATS will be upgraded to OM 17.1 in the third quarter of 2003. |
- Third Party Clearing (TPC)
|
HKEx is evaluating the responses to its consultation paper and also finalising the operation model for TPC. |
The detailed operation model for TPC is expected to be finalised in the first quarter of 2003. |