In response to the Report of the Working Group on the Business Environment of the Stockbroking Industry (the Report) issued today (Wednesday), a Hong Kong Monetary Authority (HKMA) spokesperson said that the HKMA would study carefully the contents of the Report and its recommendations.
The Working Group, established by the Secretary for Financial Services and the Treasury in January 2003, was assigned the task of examining with the local stockbroking industry ways to enhance the competitiveness of the small and medium sized brokerage firms. The Report makes various recommendations, some of which would apply to banks by virtue of their involvement in securities business.
The HKMA spokesperson added that the HKMA supported a level playing field for securities intermediaries and that it would co-operate with the SFC in the process of implementing the recommendations in the Report that are relevant to the banking industry.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Sylvia Yip, Manager (Press), at 2878 1687
Hong Kong Monetary Authority
16 April 2003