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HK Needs Good Infrastructure to Maintain Financial Center Status
Hong Kong needs good infrastructure to maintain its competitive edge in a rapidly changing financial world, a Hong Kong official said in Hong Kong Monday.
At the opening ceremony of the Hong Kong Securities Institute's new office, Stephen Ip, Secretary for Financial Services, said the merger of the exchanges and their clearing houses has completed an important phase of streamlining and strengthening Hong Kong's financial market structure.
The next step is to "develop a modern, efficient network that would facilitate electronic communications among market operators,participants and the regulators," he said.
On the software side, Ip said, the Securities and Futures Bill is now being considered by the Legislative Council. This is an important piece of legislation which helps to ensure that the regulatory regime is up-to-date and on par with other major financial centers, he said.
Stressing the quality of the people, Ip praised the Hong Kong Securities Institute for its important role in setting and raising the professional standards of securities intermediaries in Hong Kong.
Professional intermediaries are an essential element of any healthy market, said Ip, noting that the demand for training programs and services of the Securities Institute will no doubt increase as the market becomes more sophisticated and knowledge-based.
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