NEWS RELEASE

11 December 2000

Hong Kong Exchanges and Clearing (HKEx) signed a Memorandum of Understanding today (Monday) in Sydney with the Australian Stock Exchange (ASX). Kwong Ki-chi, chief executive, signed on behalf of HKEx and Richard Humphrey, chief executive and managing director, signed on behalf of the ASX.

Mr Kwong said the Hong Kong and Australian exchanges had enjoyed a close and cooperative relationship for many years. "Signing of the Memorandum formalises many aspects of our relationship," he said.

He said exchanges and markets needed to strengthen their cooperation and that the Memorandum of Understanding was a statement of intent by the Australian and Hong Kong markets to exchange market surveillance information.

"Given increasing globalisation of financial markets, such exchange of information will enable exchanges to enhance market integrity," he said.

Hong Kong has entered into memoranda of similar nature with seven other stock exchanges and 32 other derivatives exchanges and fully recognises the benefits they bring to the market.

"Signing of the Memorandum today provides useful basis for further cooperation in the future," Mr Kwong said.

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