ELEVENTH-hour applications for new foreign-exchange dealers' licences were still being delivered to the Securities and Futures Commission (SFC) last night by the remaining players in Hong Kong's trimmed-down forex industry.
By mid-afternoon, new licence forms had been lodged by about 30 companies, said SFC senior manager for public affairs Bill Weeks. Applications closed at midnight.
The SFC will announce tomorrow the total number and names of companies which have applied for licences under the new Leveraged Foreign Exchange Trading Ordinance.
Between 200 and 300 business were believed to have been offering foreign exchange services before the new regulations were introduced last month.
Most existing operators have been forced out of the market by the minimum $30 million capital requirement under the new licensing rules.
Despite the large reduction in the number of forex companies, Mr Weeks said there would still be enough to ensure a competitive industry.