The Securities and Futures Commission has reported a surplus of HK$171.37 million for the three months to June, up 256 per cent from the year-earlier period, thanks to a surge in trading volume. The commission's revenues leapt 81.3 per cent to HK$297.63 million from HK$164 million a year earlier as volume on the Hong Kong stock exchange surged 93 per cent to HK$32.39 billion in the first half from HK$18.21 billion a year ago. The SFC levies a fee paid by investors on each trade. During the quarter, the commission received 1,792 inquiries, up 54 per cent from last year, with most of the increase attributable to the collapse of Whole Win Securities in late May. SFC executive director Alexa Lam today will unveil new measures that the commission says will offer investors better protection in the event of the failure of a brokerage. So far this year, three firms - Whole Win Securities, Tiffit Securities and Wing Yip - have failed, prompting 1,400 of their clients to file claims with an SFC-managed compensation fund. Others brokers estimate the total amount sought is HK$70 million. Each investor is eligible for compensation of as much as HK$150,000. The fund had assets of HK$1.68 billion in June. With the growth in volume and higher share prices, the number of brokers and investors has climbed from last year's level. In June, there were 640 stock dealers and securities margin financiers in Hong Kong, up slightly from 633 a year earlier. The number of active cash clients - those who do not buy shares using borrowed funds -stood at 688,256 at the end of the second quarter, up 9 per cent from year-ago levels. The number of margin clients stood at 77,819, up 1.9 per cent.