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The Hong Kong Stock Exchange (HKEx) is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and Shanghai Stock Exchange, and the sixth largest in the world behind Euronext. As of 30 November 2013, the Hong Kong Stock Exchange had 1,615 listed companies, 776 of which are from mainland China, 737 from Hong Kong and 102 from abroad (e.g. Cambodia, Italy, Kazakhstan, etc.) 〔http://www.hkex.com.hk/eng/listing/listhk/our_markets.htm〕 Hong Kong Exchanges and Clearing is the holding company for the exchange. The stock market trading floor is found at Exchange Square (Hong Kong). ==History== Records of securities trading in Hong Kong date back to 1866. In 1891 when the Association of Stockbrokers in Hong Kong was established, Hong Kong had its first formal stock market. It was renamed The Hong Kong Stock Exchange in 1914. By 1972, Hong Kong had four stock exchanges in operation. There were subsequently calls for the formation of a unified stock exchange. The Stock Exchange of Hong Kong Limited (the Exchange) was incorporated in 1980 and trading on the Exchange finally commenced on 2 April 1986. Since 1986, a number of major developments have taken place. The 1987 market crash revealed flaws in the market and led to calls for a complete reform of the Hong Kong securities industry. This led to significant regulatory changes and infrastructural developments. As a result, the Securities and Futures Commission (SFC) was set up in 1989 as the single statutory securities market regulator. The market infrastructure was much improved with the introduction by the Exchange of the Central Clearing and Settlement System (CCASS) in June 1992 and the Automatic Order Matching and Execution System (AMS) in November 1993. Since then, the framework of market rules and regulations, both Exchange-administered or otherwise, have been undergoing continuing review and revision to meet changing market needs while ensuring effective market regulation. The Exchange Listing Rules have been made more comprehensive, and other existing regulations have been improved or new regulations introduced to enhance market development and investor protection. Enhancements were also made to the system infrastructure, including the launch of off-floor trading terminals in brokers’ offices in January 1996. The third generation of the trading system, AMS/3, will be launched in 2000. It will provide enhanced functionality and a platform for a straight-through transaction process. In respect of market and product development, there are the listing of the first derivative warrant in February 1988, the listing of the first China-incorporated enterprise (H share) in July 1993; and the introduction of regulated short selling in January 1994 and stock options in September 1995. Furthermore, the Exchange introduced the Growth Enterprise Market (GEM) in November 1999 to provide fund raising opportunities for growth companies of all sizes from all industries, and to promote the development of technology industries in the region. In order to meet the challenge from technological advances, globalisation of the international financial markets and the needs of the increasingly sophisticated investors both locally and overseas, fundamental reform of the existing market structure is needed. According to the reform plan announced in March 1999, the Exchange, the Hong Kong Futures Exchange and their clearing houses will merge into a new holding company, the Hong Kong Exchanges and Clearing Limited. The new holding company will ultimately seek a listing on the Exchange. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Hong Kong Stock Exchange」の詳細全文を読む スポンサード リンク
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