The Government called in an array of market heavyweights yesterday as it launched an offensive to push through financial-market reforms.
Three former stock exchange chairmen, a former futures exchange chairman and two Executive Councillors were among those called in to bolster the Government's case at an initial briefing by Financial Secretary Donald Tsang Yam-kuen.
Sources said the Government would soon set up a working group comprising former stock exchange chairmen Charles Lee Yeh-kwong and Sir Quo-wei Lee, and Executive Councillor Antony Leung Kam-chung to work out details of the proposed reforms and address brokers' concerns.
The meeting saw Mr Tsang, Secretary for Financial Services Rafael Hui Si-yan and Securities and Futures Commission chairman Andrew Sheng brief all the chairmen, vice-chairmen, chief executives, council members and directors of the stock and futures exchanges and the three clearing houses.
It was the highest-level gathering of financial circles since the crash of 1987.
The reforms will change the face of the Hong Kong market in 18 months by demutualising and merging the stock and futures exchanges and their three associate clearing houses and listing the combined entity on the stock market.
The head of the Central Policy Unit and former stock exchange chairman Edgar Cheng Wai-kin also attended the meeting. He proposed in the stock exchange's 1997 annual report reforms similar to those contained in last week's Budget.