Anthony Neoh on stock Exchange

Securities and Futures Commission chairman Anthony Neoh yesterday launched another round of criticism of the stock exchange, saying it had failed to monitor its broker members.

Mr Neoh told a financial services meeting in Legco that supervision by the stock exchange of members was 'insufficient' and 'unsatisfactory'.

In May, Mr Neoh - due to step down in September - called the stock exchange 'a private club for brokers'. The commission had just completed a review of the stock exchange's regulatory performance.

Yesterday, he said: 'Alec [Tsui Yiu-wa, stock exchange chief executive] has tried his best to follow up the regulatory supervision during the past 12 months, but I am still not satisfied.' Mr Tsui, also at the meeting, thanked Mr Neoh for his 'compliments', adding: 'I hope the regulator will write to us about how to improve things.' The differences between the regulators have been highlighted by the collapses earlier this year of Forluxe Securities and Chark Fung Securities - two brokerages, which had previously caught the attention of regulators.