Friday 20th December 2013
4 newsletters in one week! Quite exhausting. We shall now retire with our helpers to the North Pole to attend to other business. You'll see below our comment on the Consumer Council supermarket report. The writing is on the wall for HK's cartels and for the fat 9.99% post-tax return on fixed assets in the electricty scheme of control, which expires on 31-Dec-2018 - hence the plan of Power Assets Holdings Ltd to sell up to 70% of HK Electric. Caveat emptor.
Why did the SFC kill HSBC's Stockmax?
Two years after the SFC shut retail investors out HSBC's automated trading system, an SFC announcement gives some indication of what happened, but still leaves retail investors wondering why a pioneering service which offered potential price improvement and competition for HKEx's monopoly stock market was not allowed. (20-Dec-2013)
RECENTLY ON WEBB-SITE
SHKF's abuse of HKID numbers
Next in our series on the abuse of HKID numbers as passwords comes stockbroker Sung Hung Kai Financial, which uses them to "secure" e-mailed statements. (19-Dec-2013)
Citibank's abuse of HKID
We urge another bank to cease and desist from treating the HKID as a password. (18-Dec-2013)
IN OTHER NEWS
Supermarkets: Consumer Council calls for Competition Commission probe
Company media release, 19-Dec-2013
Now you understand why Hutchison Whampoa was trying to sell Park'N Shop. They still have a while to enjoy their margins: the Competition Ordinance was pased in Jun-2012 but won't take effect for some time, so anti-competitive behaviour (if any) is still legal in HK. The Commission was appointed on 1-May-2013 but doesn't even have a web site yet. The Government does not seem anxious to get things moving.
Pass it on!
This free newsletter goes to over 20,000 practitioners, issuers, regulators and investors in Hong Kong's markets. If you enjoy Webb-site, then please invite a friend to find out what they are missing and subscribe! Visit our archives, and do your homework before you invest.
Remember that, apart from our occasional articles, you can follow our daily updates on HK events via RSS, Twitter, or Facebook.Copyright notice