CHANGING the guard at the Stock Exchange of Hong Kong and the Securities and Futures Commission comes at a crucial time in the territory's development.
With the 1997 changeover less than three years away, the heads of the two most senior market watchdogs must guide the markets through the transition to Chinese rule without damaging that most important but fragile of financial commodities: credibility.
True, all is not perfect at the Hong Kong bourse. There are crooks, cheats and dodgy deals. But that doesn't make it unique among the world's markets. Our bourse is the same as any other - only more so.
But while some have chosen to see the increased regulatory activity of the exchange and the SFC as a damning condemnation of laissez-faire Hong Kong, it is, of course, quite the opposite.
More effective regulation means more crooks are caught, and in mature markets, crime does not pay. Hong Kong's white collar criminals are starting to realise that.
The rapid and courageous response to the crippling effects of Ronald Li and his cronies, and the high-profile fraud cases brought by the SFC of late, builds credibility both at home and abroad. It is essential this is kept intact.