There are many hidden rules surrounding the membership dispute surrounding the "merger of the four exchanges". Hong Kong Securities Regulatory Commission Commissioner Shi Weixian proposed to reduce the total number of existing member brokers of the four exchanges to less than one-third, which is a serious violation.

This unspoken rule...25shu.

The truth is obvious, no one wants to see the benefits in their hands taken away.

The "merger of the four exchanges" has a profound contradiction in the recognition of the value of member brokers. Reducing the number of member brokers also involves the issue of which exchange to reduce and how much to reduce.

The former is still the majority versus the minority of the Far East Exchange, Gold and Silver Stock Exchange, Kowloon Stock Exchange, and the Hong Kong Stock Exchange, but the latter is about to cause public outrage.

In Gao Xian's view, Shi Weixian, a geek, still has his heart set on the Hong Kong Stock Exchange, because if the number of member brokers is really to be reduced, the Heung Kong Stock Exchange, which does not have an outstanding number of member brokers, will definitely be least affected.

However, minimal impact does not mean no impact. Judging from the consistent style of the Hong Kong Stock Exchange, a powerhouse of profit, there will definitely be great dissatisfaction.

To put it bluntly, Shi Weixian, the dignified Securities Regulatory Commission of the Hong Kong government, does not please both sides and is not a good person inside and outside.

Far East Exchange Chairman Li Fuzhao muttered with disdain, "Idiot!"

Gao Xian whispered: "Looking at this, there is no hope of solving the problem of foreign members."

The so-called foreign members are literally the opposite of Hong Kong's local exchange member brokers.

It must be said that although Hong Kong is a free port, the securities industry in Hong Kong still has a strong sense of xenophobia.

Of course, this xenophobia was not led by the Chinese in Hong Kong, but by British-owned Far East interest groups defending their own territory.

How big are the interests involved? It is difficult to describe the specific figures accurately, but it can be used as a vivid metaphor.

Globally speaking, Haojiang's gaming industry is not ranked among the top three, but this does not affect He Hongshen's well-deserved title of Gambling King and the envy of his peers, because Haojiang's gaming industry adopts a specialized approach.

The mode of operation of power.

In stark contrast, Las Vegas Atlantic City in the United States, although it is a famous casino city in the world, is full of competition. No matter how big the cake is, there are still too many people to divide it. It is really not as good as He Hong.

Gentleman's income is real.

In a similar way, Hong Kong has been firmly in the hands of the British Far East interest groups since the establishment of the securities industry. It was not until the stock market frenzy in Hong Kong in the early 1970s that things changed.

And this wave of bull market has created the rise of many Chinese companies like Gao Xian in Xiangjiang? It is not difficult to imagine how many interests there are in the securities industry in Xiangjiang.

In recent years, foreign investors, including those from the UK, have been working hard to join Hong Kong’s exchanges.

For example, a practice was established in 1969. In order to join the Hong Kong Stock Exchange, a London securities company agreed that all transactions should be completed by local member brokers in Hong Kong and that commissions should be paid to local member brokers in Hong Kong.

As soon as this example was established, other foreign securities companies followed suit.

Associate members of these exchanges, while paying membership fees like full members of the exchange, tolerate the treatment of not being a full member, all in the hope that one day the rules of the game will change and they will become full members.

But judging from the current xenophobic forces in Hong Kong's securities industry, these foreign-funded securities companies will have to wait patiently.

Of course, Gao Xian also has his own interests and stance on the issue of the exchange's foreign members becoming regular members.

The structure of Xiangjiang dictates that freedom and openness are the way to survive and develop.

The British-funded Far East interest groups are conservative and xenophobic, and it would be an understatement to describe them as going against the trend.

Gao Xian's business wanted to go to other economies, but the other party was blocked from Hong Kong by the rules of the British-owned Far East interest group. No one is stupid these days, there is no back-and-forth exchange of interests, and the motivation for cooperation will naturally be

Big discount.

The Far East Exchange also has the problem of when foreign members will be given the treatment of full members, so Gao Xiancai asked Li Fuzhao this question.

At this time, Li Fuzhao once again showed his courage and said in a calm tone: "I hope that the mechanism of the Hong Kong Stock Exchange Federation in front of me will come up with something good. The cucumbers and vegetables are already cold. I have already decided that this year's Far East Conference will take the lead.

In the first step, select the best quality foreign members, set an example, and convert them to full membership benefits."

Gao Xian suddenly remembered Li Fuzhao's desolate evening scene in the "old script" and quickly advised: "Chairman Li should not act too hastily. The Far East will move too fast and it will easily become the target of public criticism."

"Sir Gao is still so young, is he so forward-looking and hesitant?" Although Li Fuzhao used a joking tone, his words were still ugly, "Without this courage, where would the Far East come from?"

Gao Xian smiled nonchalantly and sighed in his heart, "It's not unreasonable that character determines destiny."

…

On this occasion, given Gao Xian's identity and status, it was not appropriate to be a spectator, so he found an opportunity and made a brief speech.

"From my inspection of the U.S. securities industry, the New York Stock Exchange, as an absolutely dominant stock exchange, is facing various challenges, including the fact that certain rules are outdated and companies have a strong need to reduce financing costs. The attraction of Nasdaq

Getting bigger and so on,"

"Under such circumstances, the New York Stock Exchange had to lower its proud head, such as changing the original fixed commission to a floating commission."

"I believe that change is a major trend in the global securities industry, and the situation of the four co-located securities companies in Hong Kong must be improved. Otherwise, with the further development of the securities industry in Hong Kong, both supervision and trading will become more and more troublesome.

And ultimately it hurts the industry itself."

"Of course, with so many interests involved, change is never easy."

"However, just because we can't come up with a plan that fully satisfies all parties, we can't do nothing. Otherwise, the government will be very disappointed."

Having said this, Gao Xian paused deliberately, and many people in the audience nodded, because this is a fact. For the Hong Kong government to continue to promote the merger of the four associations this time, it cannot continue to use the same wrangling method as before.

Let's just let it go? That would be too underestimated the temper of the Hong Kong government.

Seeing this scene, Gao Xian smiled slightly: "I think everyone can put aside their differences for the time being and take a step forward. First, let the stock trading of the four exchanges be interoperable, instead of forcing customers to work hard among the four exchanges.

Running back and forth across the ground."

The former Hong Kong Securities Regulatory Commission Commissioner Shi Weixian, who was somewhat disgraced, immediately responded: "Sir Gao's proposal is very good! The four exchanges won't even respond to this, right?"

Everyone's eyes turned to Shi Yurong, chairman of the Hong Kong Stock Exchange, and Li Fuzhao, chairman of the Far East Exchange. Because these two were the protagonists, the Hong Kong Stock Exchange was favored by British capital, and the Far East Exchange gathered most of the Chinese capital.

Has a clear trading volume advantage.

Li Fuzhao said very happily, "The attitude of the Far Eastern Society has always been positive and open."

It is estimated that Shi Yurong also felt it, and he would not give an explanation to the Hong Kong government, so he said slowly: "Let's try it out for a while and see how it works."

In this way, this meeting adopted a non-binding trial of stock trading among four exchanges, which is a step forward and will not really disgrace the Hong Kong government.

The Hong Kong stock market, regardless of what happened, directly digested this outcome, which was not the result of the meeting, into good news, as if it had really removed its constraints and started to let go.

Gao Xian will definitely not be deceived by this appearance, but he can indeed get some conveniences, such as the acquisition of Wharf and Land shares of the Jardine Matheson Group, which accordingly improves operational efficiency.

On this day, Ye Licheng personally sent an important document to Gao Xian and mentioned by the way, "Zhan Peizhong asked me if there were any resources for backdoor listing. I did not reply immediately because the current shell resources are quite good.

Popular."

"Zhan Peizhong still has such a keen sense of the market." Gao Xian smiled, "Didn't he say who wants to be shelled?"

Ye Licheng shook his head, "Zhan Peizhong pretended to be mysterious and didn't say it clearly, but what is certain is that it was not for his own use."
Chapter completed!