HKEx to scrap uptick rules

22 Nov 2004

Hong Kong Exchanges and Clearing (HKEx) is planning to abolish the uptick and position limit rules that were implemented after the 1997/98 Asian financial crisis as a deterrent against speculative attacks on the Hong Kong equity...

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"While we support its overall direction, a number of the requirements in the review are needlessly oppressive, particularly the proposed limits on execution-only business and bilateral execution. Additionally, the swathe of costly disclosure obligations is more likely to confuse than inform customers.”

The FOA's Anthony Belchambers responds to the EC's Mifid review.