Editorial: New kid on the Hong Kong block

The recent opening of the spanking new Stock Exchange of Hong Kong, with a dramatic linkup to the London Stock Exchange, further accents the changes being wrought by space-age technology in the financial communities around the world which are shrinking and growing at the same time.

Following years of planning, Hong Kong’s four stock exchanges have just merged into what will be one of the world’s leading trading centres.

Housed in what is in itself described as space-age premises, its grand opening was indeed an auspicious ceremony, with over 3,000 dignitaries in attendance including senior exchange executives from 33 countries, all recognizing the strength of Hong Kong’s financial stature. (Chairmen of both the Toronto and Alberta Stock Exchanges were there).

The opening ceremony itself was quite something, with a satellite transmission linkup that enabled guests in the massive Hong Kong coliseum to exchange greetings with guests attending a simultaneous grand opening luncheon at the London Exchange just as if they were next door. This was carried out via large screens set up in both exchanges.

Highlighting the hour-long linkup were on-the-spot interviews, and a toast to guests on both sides of the world by Hong Kong’s governor, Sir Edward Youde.

This is indeed a shrinking world, being knit together by its financial communities. And the Canadian exchanges, led by the TSE, are keeping pace.