appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

appConfig

filter

json

liveArticle

Enoch Yiu

The Hong Kong Securities Institute (HKSI) expects strong demand for its training courses as a result of a new Securities and Futures Commission requirement.

The institute's chief executive, Thomas Wong Ching-hung, bases expectations on the 'fit and proper criteria' which came into force for traders and dealing directors last month.

It requires anyone who wants to become a trader - a representative of a brokerage house who trades for clients - to pass the examination in the institute's foundation course.

The new rule also requires a dealing director - the executive in charge of the daily operations of the brokerage - to have passed the HKSI's diploma programme.

Established in December 1997 with the support of the SFC, the institute offers training courses, seminars and examinations for staff of brokers, investment advisers or fund management companies.

It has 5,306 members and 216 corporate members.

Previously, experience in the industry could count and a person could apply to become a trader after working in a brokerage back office for three years.

Meanwhile, after five years' trading, a trader could become a dealing director.

Securities staff of banks have to follow the same new rules. They were previously not required to take any courses and were regulated by the Hong Kong Monetary Authority and not the SFC. But last month the HKMA told all banks their securities staff had to follow the SFC criteria.

Mr Wong expected that the number of participants for the institute's foundation and diploma courses would reach 4,500 this year, up from 1,100 seen last year.

Demand for HKSI short courses and seminars would also rise, he said, due to the SFC requiring existing traders and dealing directors to attend at least five hours of institute short courses or seminars, or similar training offered by other SFC-recognised organisations.



Surge in training for traders to follow regulator's ruling