NEWS RELEASE
April 17, 2000

The Hong Kong securities and futures markets experienced some volatility today (Monday). Despite this, the market operated in an orderly manner.

Hong Kong Exchanges and Clearing has been monitoring the securities and futures markets closely from a risk management point of view. It has been working closely with the Securities and Futures Commission with regard to market surveillance and supervision of intermediaries.

HKFE Clearing Corporation issued intra-day margin calls to Participants at 10:10am and 2:55pm. All Participants involved fulfilled their intra-day margin requirements.

The Hong Kong Futures Exchange reported its Call Rotation Procedures for the Market Opening of the Hang Seng Index Futures Spot Month Contract, which were implemented earlier this year, were effective and helped ensure an orderly market open.

SEHK Options Clearing House issued intra-day margin calls to Participants at 10:35am and 3:10pm. All Participants involved fulfilled their intra-day margin requirements.

As a daily risk management measure, Hong Kong Securities Clearing Company collects intra-day marks for unsettled stock positions from Brokers Participants. All Brokers Participants have paid their intra-day marks. Settlement of trades has been processed normally. No exceptional cases were reported.

Hongkong Clearing issues Direct Debit Instructions (DDI) to collect day-end marks from brokers' designated banks. The DDI will be processed overnight by the clearing system of the Hong Kong Interbank Clearing Limited and payment will be confirmed around 10:00 am the following morning.

Hong Kong has a well-established financial market with sound infrastructure which is able to meet challenges in market movements caused by changing investor sentiment.

For enquiries, please contact Henry Law, Head, Corporate Communications, HKEx on 2840 3862.

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