Government to publish exchanges-merger bill

PUBLISHED : Friday, 05 November, 1999, 12:00am
UPDATED : Friday, 05 November, 1999, 12:00am

The Government will today gazette the Exchanges and Clearing Houses (Merger) Bill, marking another step forward for the exchanges merger plan.

The publication of the bill followed its approval by the Executive Council on Tuesday, a spokesman of the Financial Services Bureau said.

The bill will be introduced on Wednesday to the Legislative Council for approval, the final step prior to its implementation.

The Government's market-reform plan seeks the merger of the stock and futures exchanges and the three clearing houses into Hong Kong Exchange and Clearing (HKEC), which will be listed by September.

If the bill was approved, the HKEC would be set up in late January or early February, the spokesman said.

The bill's provisions include the imposition of a 5 per cent HKEC shareholding limit and modification of the legislative regime of the securities and futures markets to implement the merger.