Stewardship in the Hong Kong International Financial Centre: Adding ‘Responsible Owners’ to an Entrepreneurial Market

2020 ◽  
Author(s):  
David C. Donald
Keyword(s):  
Hong Kong ◽  
Financial Centre

Hong Kong and Shanghai: current and/or future international financial centres?

2015 ◽  
Vol 8 (3) ◽  
pp. 183-193
Author(s):  
John Adams ◽  
Andrew YC Wong
Keyword(s):  
Hong Kong ◽  
Success Factors ◽  
Reliability And Validity ◽  
Policy Makers ◽  
Content Type ◽  
Financial Centre ◽  
Future Success ◽  
The Future ◽  
Future Policy ◽  
First Time

Purpose – This paper publishes summary results for the first time of a major survey of senior financial practitioners undertaken in Hong Kong and Shanghai in 2005, and compares these with the Global Financial Centre Index first created in 2007 to determine the extent to which both are consistent. Design/methodology/approach – The research is based on a detailed survey and utilizes principal-components analysis to determine the primary factors relevant to the development of both cities as international financial centres (IFCs) and those which the respondents consider will be relevant in the future. Findings – The paper demonstrates that the key “success factors” for both cities in 2005 remain very important in the global financial centres index (GFCI) analysis ten years later but not necessarily by the same ranking. We also found that a number of the “primary” factors change when respondents are asked to consider future success factors. Research limitations/implications – The survey was conducted ten years ago; however, the results continue to have significant reliability and validity - especially when compared with the results of the GFCI report of 2014. Practical implications – The paper should enable policy makers and practitioners to better understand the future policy environment needed for extending the financial centre status of both Hong Kong and Shanghai. Originality/value – This is the first time (some) of the survey findings that have ever been published, and they represent a rich source of information – however, the authors will be examining the survey data for future publications.

Part V The International Dimension, 13 Hong Kong’s Future as a Leading International Financial Centre

2016 ◽  
Author(s):  
Arner Douglas W ◽  
Hsu Berry FC ◽  
Goo Say H ◽  
Johnstone Syren ◽  
Lejot Paul ◽  
...  
Keyword(s):  
Economic Development ◽  
Hong Kong ◽  
Financial Markets ◽  
Financial Market ◽  
Financial Stability ◽  
International Dimension ◽  
Financial Centre ◽  
Regulatory Systems ◽  
The Future

This chapter summarizes the main arguments and discussions of the book and presents an overview of major concerns for the future of Hong Kong’s financial markets. In addition to describing financial market law and practice in Hong Kong, this book has sought to point out related major issues, whether legal, economic, or cultural. Each chapter has concluded with an evaluation of Hong Kong’s financial markets, identifying weaknesses and where reform is most needed. This final chapter takes the analysis further, presenting an overview of major concerns for the future of Hong Kong’s financial markets and their legal and regulatory systems. These arise in two main respects: first, risks to be addressed out of concern for financial stability and the continued economic development of Hong Kong; and second, opportunities to enhance Hong Kong’s competitiveness as a financial centre, especially in the context of prospects for China and East Asia.

Part I Finance in Hong Kong, 2 Financial Regulatory Structure

2016 ◽  
Author(s):  
Arner Douglas W ◽  
Hsu Berry FC ◽  
Goo Say H ◽  
Johnstone Syren ◽  
Lejot Paul ◽  
...  
Keyword(s):  
Hong Kong ◽  
Financial Markets ◽  
Market Failure ◽  
Financial Regulation ◽  
Regulatory Framework ◽  
Regulatory Structure ◽  
Financial Centre ◽  
Markets And Institutions ◽  
The Common ◽  
Financial Regulatory

This chapter describes the overall legal and regulatory framework supporting financial markets in Hong Kong. This is developed in tandem with, and in response to, their characteristics. Regulatory reforms in the financial markets of Hong Kong have typically been developed after a financial crisis and market failure. However, while Hong Kong has not always had effective systems of financial regulation, it has been steadily strengthening its regulatory framework both for financial markets and institutions. This chapter argues that the increasing effectiveness of its legal and institutional regulatory framework has enhanced its development as an international financial centre over the past two decades and will be vital to its continued success in the future. The chapter concludes by outlining the common objectives of the Hong Kong financial regulators today.

Part I Finance in Hong Kong, 1 Hong Kong’s Financial Markets: Evolution and Overview

2016 ◽  
Author(s):  
Arner Douglas W ◽  
Hsu Berry FC ◽  
Goo Say H ◽  
Johnstone Syren ◽  
Lejot Paul ◽  
...  
Keyword(s):  
Nineteenth Century ◽  
Hong Kong ◽  
Financial Markets ◽  
Financial Centre ◽  
Financial Activity ◽  
Historical Developments ◽  
Institutional Foundations

The chapter provides an in-depth discussion and analysis of finance in Hong Kong, today one of the world’s major international financial centres, focusing on historical developments along with some of the unique or unusual features of those markets. The chapter considers financial law in relation to financial activity as a whole, and within each segment of Hong Kong’s markets. Hong Kong has been a port of trade since the mid-nineteenth century and subsequent centre of commerce. However, only recently has it developed as a major financial centre. It is known for its unusual institutional foundations, the nature of which are analysed and contrasted at intervals in this book with those of other sophisticated financial hubs.

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