NEWS RELEASE

June 7, 2000

Hong Kong Exchanges and Clearing Ltd (HKEx) is participating in discussions with the New York Stock Exchange, the Tokyo Stock Exchange, the Australian Stock Exchange, Euronext (Amsterdam, Brussels, Paris), the Toronto Stock Exchange, the Bolsa Mexicana de Valores, and the Bolsa de Valores de Sao Paulo to explore the feasibility of a Global Equity Market.

Its ambition is to inter-connect participant Exchanges' trading systems and to develop a market structure based on the principles of transparency, self-regulation and agency auction price discovery.

The participant Exchanges are major equity markets from the three main time zones: Asia-Pacific, Europe and the Americas. The market capitalization of the companies listed on these Exchanges exceeds US$20 trillion, of which the NYSE's listed companies represent approximately half.

The Global Equity Market will seek to provide investors around the world with a transparent, round-the-clock, trading mechanism for the world's global companies, increasing the global liquidity of their stocks as well as aiding global price discovery. Investors will be able to access the Global Equity Market through their domestic stock exchanges, which will keep their brands and individual standing while participating in a virtual global pool of liquidity.

Participation in the Global Equity Market is open to all stock exchanges, which adhere to the principles of transparency, self-regulation, and the agency auction structure.

The Global Equity Market will pursue opportunities and economies of scale that will lower transaction costs for investors and intermediaries.

NYSE chairman and CEO Richard A. Grasso said: "The agreement that we are formulating will strengthen and globalize our markets throughout the Americas and between time zones. We are excited by the challenge this great opportunity presents."

HKEx chairman, Charles Lee, said Hong Kong was committed to the concept of a 24-hour global market linking the three main time zones and was in close cooperation with international exchanges to achieve this.

In response to enquiries about HKExs' cooperation with Nasdaq, Alec Tsui,
Chief Operating Officer of HKEx made the following comments

Hong Kong Exchanges and Clearing is committed to the concept of a 24-hour global market, linking the three main time zones.

Its Pilot Programme with Nasdaq for the trading of US securities in Hong Kong marked the first step in the potential development of a global market.

HKEx is also in discussions with various exchanges and exchange bodies with a view to developing a global market. These discussions do not affect the strength of the commitment of HKEx to the development of its Pilot Programme with Nasdaq.

© Copyright 1996-2006 irasia.com Ltd. All rights reserved. Tel: (852) 2831-9792.

DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any information provided on this website. Under no circumstances shall irasia.com Ltd be liable for damages resulting from the use of the information provided on this website. TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website.