Hong Kong Stock Exchange Reduction Of Monthly User Fees For AMS/3 Trading Devices

The Stock Exchange of Hong Kong (the Stock Exchange), a wholly owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has informed its participants the monthly user fees for the trading devices of AMS/3, the Third Generation of the Automatic Order Matching and Execution System, will be reduced by 20 per cent on 1 January 2005.

The cost savings for Stock Exchange Participants are among the benefits of the network consolidation project. HKEx operates four different networks for its main market systems for securities and derivatives trading as well as securities and derivatives clearing and settlement. HKEx is working on a new network platform which will replace and consolidate the separate networks in order to improve operational efficiency and offer other benefits.

AMS/3-related cost savings will be passed on from the start of the year under the terms of the agreement with the vendor. Other users of the new network will enjoy savings upon migration.