Mondo Visione Worldwide Financial Markets Intelligence

FTSE Mondo Visione Exchanges Index:

First Day Of HSI Futures And Options Trading On HKATS

Date 08/06/2000

The Hong Kong Futures Exchange (HKFE) marked the beginning of a new era on June 5 as the HKFE became a fully electronic marketplace with the start of Hang Seng Index (HSI) Futures and Options trading on HKATS (Hong Kong Futures Automated Trading System).

HSI Futures volume was 8,784 contracts, up slightly from 8,740 on Friday, while HSI Options volume was 3,244 contracts, the highest level since April 18.

"This was a big day for the Exchange and everything went smoothly," Chief Executive Frederick J. Grede said. "And the HSI Options volume was very encouraging."

He added the migration of HSI Futures and Options to HKATS was "a major achievement" and thanked everyone who contributed to the successful completion of the project.

"Electronic trading enhances our competitiveness and provides many growth opportunities, and we plan to pursue those opportunities aggressively. The successful completion of the migration project is good for the Exchange, good for our Participants, good for investors and good for Hong Kong," Mr. Grede explained. "And the big advantage of HKATS is that it allows brokers to provide straight-through processing and real-time Internet trading."

"This is a major step," Mr Grede added. "But it is the beginning of the journey, not the end."