| NEWS RELEASE | 13 December 2000 |
Hong Kong, 13 December 2000. Hong Kong Futures Exchange (HKFE), a wholly owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), and MSCI, a leading provider of global indices and benchmark related products, today announced that the MSCI China Free IndexSM has been licensed for use by the HKEx Derivatives Market. The licence permits HKEx to develop futures and options contracts based on the MSCI China Free Index.
The MSCI China Free Index represents the universe of opportunities for investment in the China equities market available to non-domestic investors. The index currently contains 31 stocks and has a market capitalisation of USD 76.7 billion, as of 23 November 2000.
HKEx products based on the MSCI China Free Index are expected to be introduced in 2001 subject to approval by the Securities and Futures Commission of Hong Kong.
Frederick Grede, Chief Operating Officer of HKEx and Chief Executive of HKFE, said: "This agreement enables us to develop products with growth potential. We think there would be institutional and retail interest in MSCI China Free Index Futures and Options here in Hong Kong and internationally."
Commenting today, Henry Fernandez, President & CEO of MSCI said: "MSCI indices are the most widely used in the world and are particularly popular in the Asia Pacific region. We are delighted that financial products based on the MSCI China Free Index will be developed to help meet the growing need for investment products on the China market."
For further information, contact:
| HKEx | |
| Lorraine Chan, HKEx | +852 2840 3842 |
| Scott Sapp, HKEx | +852 2840 3860 |
| Further information on HKEx is available at www.hkex.com.hk |
| MSCI | |
| Simon Midgen, MSCI, London | +44 20 7425 4595 |
| Karen Brindle, MSCI Hong Kong | +852 2848 5967 |
| Daniel Guthrie/Emma Leeds, Luther Pendragon | +44 20 7353 1500 |
| Robert Patalano, Burson Marsteller | +852 2880 0229 or +852 2963 6712 |
| Further information is available at www.msci.com |
Hong Kong Exchanges and Clearing Limited (HKEx) owns The Stock Exchange of Hong Kong Limited, Hong Kong Futures Exchange Limited and Hong Kong Securities Clearing Company Limited and provides a comprehensive range of pre- and post-trade investment services and market information services to subscribers of information vendors.
Morgan Stanley Capital International Inc. (MSCI) is a leading provider of global indices and benchmark related products and services to investors worldwide. Morgan Stanley Dean Witter & Co., a global financial services firm and a market leader in securities, asset management, and credit services, is the majority shareholder of MSCI, and The Capital Group Companies, Inc. a global investment management group, is the minority shareholder.
MSCI, Morgan Stanley Capital International and MSCI Index are service marks of Morgan Stanley Capital International Inc. (MSCI). MSCI and MSCI China Free Index are service marks of MSCI and its affiliates. The proposed products are not sponsored, endorsed, sold or promoted by MSCI. Nor does MSCI make any representation regarding the advisability of investing in any such products.
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