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TraHK on Tap
Webb-site.com, 1-Nov-1999
We explain in detail how the Tap mechanism will draw index shares from the Government's holdings when the market moves upwards, dampening the upside on the market. At the current rate, we expect HK$24bn of tap next year. We also look at the redemption and subscription mechanism and its likely effect on the trading prices of the TraHK. Finally, we demonstrate how the HSI has been boosted relative to the rest of the market by the Government's intervention.

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