The Stock Exchange of Hong Kong will introduce AMS/3, the Third Generation Automatic Order Matching and Execution System, on 23 October 2000 (Monday). This has been approved by the Securities and Futures Commission.

The launch date was set after the successful resolution of some minor technical issues identified during market rehearsals.

The Stock Exchange is introducing the new system in phases. On 23 October, all on-floor and off-floor trading terminals will be converted to AMS/3 trading terminals. The pilot Multi-workstation Systems will also come into operation subject to the declaration of operational readiness by Stock Exchange Participants.

Under the rollout schedule, Broker Supplied Systems (BSS) developed by Exchange Participants will be introduced approximately three weeks following the launch, subject to the declaration of operational readiness by Exchange Participants. Exchange Participants can make use of BSS to provide online trading services to investors.

The Order Routing System (ORS) developed by the Stock Exchange which will enable investors to place trading requests and enquire about trading status over the Internet and other channels (such as mobile phones using the network of operators who participate in AMS/3) will be ready about three months after the launch.

Mr Lawrence Fok, the deputy chief operating officer of Hong Kong Exchanges and Clearing Limited and the chief executive of the Stock Exchange, said, "AMS/3 has demonstrated its readiness following a comprehensive testing process that was closely monitored by the SFC and the Stock Exchange. I thank all Exchange Participants as the market rehearsals would not have been successful without their co-operation and support.

"The launch of AMS/3 will further strenghthen the position of Hong Kong as a leading global equity marketplace and increase its competitiveness as an international financial centre," Mr Fok said.

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