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1994年5月25日至27日,全国人大财经委《期货交易法》考察组对香港期货市场进行考察。考察组先后就期货立法、监管、市场运作等问题与香港证券及期货事务监察委员会、期货交易所、联合交易所、获多利金融服务有限公司、新鸿基期货有限公司、金银业贸易场等期货界人士进行了多次座谈,还实地考察了交易所、经纪公司的运行情况。这次考察得到香港期货界的大力支持,初步了解了情况,弄清了问题,特别是香港期货市场发展的经验和教训给考察组留下了深刻印象。一、香港期货市场的发展演变香港建立期货市场较晚,直到本世纪70年代中期才开始。但由于采取了先立法,后建市场,把引进各国先进经验与独创相结合的作
From May 25 to May 27, 1994, the inspection team of the Futures Trading Law of the National People’s Congress Finance Committee examined the Hong Kong futures market. The inspection team successively conducted the futures legislation, supervision, market operation and other issues with the Hong Kong Securities and Futures Commission, Futures Exchange, United Exchange, Warranty Financial Services Co., Ltd., Sun Hung Kai Futures Co., Ltd., and gold and silver industry traders. After several rounds of discussions, the company also conducted an on-site inspection of the operation of the exchanges and brokerage companies. The visit was strongly supported by Hong Kong’s futures industry. It had a preliminary understanding of the situation and made clear the problems. In particular, the experience and lessons learned from the development of the Hong Kong futures market left a deep impression on the inspection team. I. Evolution of the Hong Kong Futures Market The establishment of a futures market in Hong Kong was relatively late until the mid-1970s. However, due to adopting legislation first and building the market afterwards, the combination of advanced experience and originality introduced by various countries