Outgoing Hong Kong Exchanges and Clearing listing head Richard Williams, who will leave Hong Kong today after a six-year career with the bourse, denied the bourse was suspending market reforms as a result of pressure from tycoons.
The HKEx listing committee, of which Mr Williams is a member, backed down earlier this month from a controversial proposal to extend the blackout period banning directors from trading shares before an earnings announcement. The backdown came after stiff opposition from tycoons and more than 200 companies.
The committee, after consulting the Securities and Futures Commission, decided that from April 1 it would extend the blackout to three months a year, down from the original proposal of seven months.
This compared with the current two months.
At an informal farewell gathering yesterday, Mr Williams said the backdown was not bowing to pressure from tycoons.
'There were companies and professionals such as accountants and lawyers who also raised concerns,' he said.
