Industry welcomes move to keep stock market open
The financial industry on Tuesday welcomed the government's move to keep the local stock market open during typhoons and heavy rain storms.  Hong Kong's stock market will continue trading under typhoon signal number eight or above and during black rainstorm warnings from September 23, Chief Executive John Lee announced on Tuesday. Robert Lee, who represents the financial services sector, said the new arrangement could enhance Hong Kong's position as an international financial centre.  However, Lee, who is also a director of the Hong Kong Securities Association, called on authorities to offer more support to small and medium-sized financial institutions to help them adapt. "The industry had been expecting it for quite some time now, especially it being mentioned in the Policy Address as well as the Budget. I think international firms and larger scale firms fully support this initiative," he added. "I think for some of the SMEs, or the local brokers, I would encourage the SAR government as well as HKEX to provide more assistance to them as they adapt to the new measures." Finance sector lawmaker Ronick Chan said the industry now had sufficient time to prepare to operate in severe weather.  "Now is the right time to implement such kind of arrangement because during the last few years (of the) epidemic situation, a number of electronic trading systems and business solutions have been upgraded," he explained. "Because the implementation time will be this September, now we have sufficient time for us to effectively assist those smaller-scale firms to smoothly transition to the new arrangement." The Hong Kong Investment Funds Association and accounting firm KPMG welcomed the new arrangement, saying it would put Hong Kong's bourse in line with other major markets on the mainland and overseas.