To the Business Editor
For Immediate Release

4 June 1999

The Hong Kong Futures Exchange (HKFE) said today that its Board of Directors has approved a proposal to move Hang Seng Index (HSI) Futures and Options trading from open outcry to the Exchange's HKATS electronic trading platform on August 2nd and September 1st respectively, paving the way for the Exchange to become a totally electronic market place.

The Board also approved amendments to the HKFE's rules and procedures that are necessary for the migration. The amendments are subject to Securities and Futures Commission approval.

The migration dates were proposed by the HKFE's Migration Special Committee, which included representatives from member firms and the Exchange, and the timetable was accompanied by an independent review of the HKFE's migration preparations by the consulting firm PricewaterhouseCoopers.

"After a thorough review of the Migration Special Committee's proposal and the consultant's report, the Board agreed August 2nd and September 1st are the perfect migration dates," HKFE Chairman Dr Geoffrey Yeh said. "We said we wanted to complete the migration by the end of 1999 when we started this ambitious project so we are on course to reach our target."

HKFE Chief Executive Randy Gilmore said the Board's decision moves the Exchange one step closer to an important goal.

"HSI migration has been high on the agenda since our Board decided that electronic trading was the best way for us to meet our long-term objectives," Mr. Gilmore said. "Electronic trading offers many benefits so we are looking forward to moving our flagship HSI products to HKATS.

"Being fully electronic makes us more competitive," Mr. Gilmore added. "And it makes Hong Kong an even more attractive financial centre."

The Hong Kong Futures Exchange is a leading futures and options market place in the Asia Pacific Region, with a membership of over 130 companies, including a number of major international institutions. The Exchange is actively diversifying its product base, which now includes currency, interest rate and equity-based products.

For further enquiries, please contact Mr Mark Tung on 2842 9448 or Miss Chiu Yeung on 2842 9322.

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