The Hong Kong Investment Funds Association welcomed the announcement by Chief Executive Li Jiachao this morning (18th) that the Hong Kong Stock Exchange (00388.HK) will implement the adverse weather no-trading arrangements from September 23 this year, and described it as a long-awaited news for the fund management industry. The Association explained that, as Mainland and global stock markets, including Shanghai, Shenzhen, New York and London stock exchanges, continue to trade in adverse weather conditions, the Hong Kong Stock Exchange's adoption of the no-trading arrangement in adverse weather is to catch up with neighboring stock markets. The relevant arrangement also helps maintain the competitiveness of the Hong Kong stock market and does not undermine the status of Hong Kong as an international financial center. Therefore, it is imperative to implement the no-trading arrangement in adverse weather.

The Association also pointed out that with the introduction of new technologies and ever-changing work arrangements, as well as the Hong Kong government's commitment to supporting small and medium-sized brokerages to help them prepare, the Association believes the local market is fully prepared. The Hong Kong Investment Funds Association also believes that with the increasing diversification and internationalization of Hong Kong stock investors and issuers, seamless connectivity and market certainty are only basic requirements. The implementation of the no-trading arrangement under adverse weather conditions will support the price discovery of the Hong Kong stock market and reduce arbitrage. (js/cy)

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The Hong Kong Investment Funds Association also believes that with the increasing diversification and internationalization of Hong Kong stock investors and issuers, seamless connectivity and market certainty are only basic requirements. The implementation of the no-trading arrangement under adverse weather conditions will support the price discovery of the Hong Kong stock market and reduce arbitrage. (js/cy)

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