IT appeared unlikely last night that Barings Securities would resume trading today on the Hong Kong stock exchange.
Regulators, administrators and representatives of ING and Barings were 'working flat out' yesterday to clear regulatory hurdles preventing Barings from taking back its seats on the exchange, according to Matthew O'Driscoll, partner with administrators Ernst & Young in Hong Kong.
But Mr O'Driscoll said there was only a 'slim chance' that all the barriers would be removed in time for Barings floor traders to start dealing shares and futures this morning.
'Everyone is working hard, but there are still some open ends,' said Paul Phenix, executive director of compliance at the stock exchange.
A spokesman for the Securities and Futures Commission said: 'We have to get the final word from the administrators and the lead regulator.' That effectively means receiving a fax from the Bank of England confirming that the deal for ING Group to acquire Barings for GBP1 (about HK$12.74) has gone through. The deal received court approval on Monday night.
Peter Rice, head of Hong Kong research at Barings in Hong Kong said the firm's market preview would probably not be sent out to clients until Friday.
