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HK Opens Securities Internet
Hong Kong "Securities Internet" (SI), a voluntary organization of securities trade is established recently. At the very beginning it is joined by 30 medium-and-small sized securities firms and the scope is to be widened to nearly 100 firms within one to two years.
Chen Baoxin, Chairman of SI said that at present, many large securities firms are setting up their own online transaction systems which constitute a threat to the medium-and-small sized firms. Furthermore, HK Government and Union Exchange have definitely expressed their intention to cancel minimum trading commission system. Only by aligning themselves can the cost of the medium-and-small sized securities firms be cut so as to strengthen the competitiveness. SI will assist them in transition to the new era of "electronic" economy by jointly developing online securities trading market and expanding business network.
Cai Shicong, President in operation of SI added that SI would provide a complete and profit-making online securities trading system for member firms and construct a financial gateway web site: www.cyberbrokers.com.hk, so that they are able to offer securities firms and their clients with financial information.
Huang Jinkang, Administrative President of SI said at the initial stage SI would mainly adopt a firm-to-firm operating mode and it would join other online e-commerce in the future. SI would design independent web page for every member securities firms, thus providing them with unique brands of their own.
In fact, the establishment of SI is a trend for the transformation of securities trade. As Union Exchange is going to present a third generation of automatic settlement system, investors can trade stocks via the Internet. The statistic shows that at present, the online securities trade in America has accounted for 50% of individual investor's trade volume. Having gone through for three years only the online securities trade in ROK has already covered 30% of the total trade and from last January to November that in Taiwan increased by over seven times, indicating that the introduction of the online stock trade sees a big way ahead.
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