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A.
Restrengthen the Centre's relations with the local community
We are in the
process of restructuring the Centre's Advisory Committee.
The proposed committee structure is as follows:
Members:
Tony Latter (Deputy Chief Executive, HKMA)
Richard Yin (Deputy Chief Executive, Kingsway Group)
Bill Kwok (Chairman, Hong Kong Securities Institute)
Guy Meredith (Assistant Director, IMF)
Justin Lin (Professor, Peking University)
B. Strategic Areas
Derivative
Markets and Risk Management
G
C financial Products (Asia) Limited has become the Centre's strategic
partner with in develop risk management tools for derivative securities.
The Centre's role is to provide academic expertise on this topic. (Stephen
Cheung and Yan Cheng)
Collaboration
with the Global Association of Risk Professionals and Risk Management
Circle in co-hosting a monthly or bi-monthly seminar series on risk management.
The first talk "Latest
Techniques in Market Risk Management and Job Requirements of Market Risk
Managers" was held on 13 January 2001. (Stephen Cheung
and Yan Cheng)
Collaboration with the Capital Markets Association, Hong
Kong Exchanges and Clearing Limited, Hong Kong Economic Times, Hong Kong
Financial Market Association, and Hong Kong Mortgage Corporation in a
series of seminars "Interest
Rate and Investment Strategies". The first talk was held in
City University on 2 December 2000. More than 250 outside participants
attended the seminar. (Stephen Cheung)
Investment
The Centre is planning
to hold an international workshop on micro-market issues in Asia during
summer 2001. The Centre will invite six well-known regional and international
researchers to present papers at the workshop. The Centre would seek an
international refered journal to publish these invited papers. A preliminary
list of invited speakers includes Tim Bollerslev (Duke), Yakov Amihud
(NYU), and Warren Bailey (Cornell). The workshop is scheduled to be held
at City University of Hong Kong in August 2001. (Stephen Cheung and Jun
Cai)
Financial Market
Development
The Centre
will jointly organize an international conference on "Exchange Rate and
Monetary Policies in Asia" with the Monetary Research Institute of the
Hong Kong Monetary Authority (HKMA). The HKMA has committed HK$200,000
sponsorship for the conference. The conference's target audience is senior
government officials, senior executives, professionals, and researchers.
The conference will invite Jeffrey Sachs (Harvard), Barry Eichengreen
(Berkeley), Ronald McKinnon (Standard), Sheng-Jin Wei (Brookings), Menzie
Chin (Federal Reserve), and Robert Dekle (USC). The conference is schedule
for July 2001. (Stephen Cheung and Steve Ching)
C. Consultancy and Applied Works
For
the academic year 2000-2001, the Centre will continue to take a leading
role in applied policy research that is crucial to developing Hong Kong
as an international financial city. The Centre has undertaken the following
projects:
I/ "Risk Management on Derivative Warrants" with Hong Kong Securities
and Futures Commission (SFC), by Stephen Cheung and Yan Cheng (to be completed
in January 2001).
Objective: to develop on-line monitoring
software for the SFC to monitor the trading activities of derivative warrants
in Hong Kong. The Centre has also committed to provide training on derivative
warrants for the SFC.
II/ "Indirect Tax" for the government of the HKSAR,
by Stephen Cheung, Steve Ching and Charles Leung (CUHK) (January - July
2001).
Objective:
the
HKSAR government invited the Centre to investigate government policy on
indirect tax. This is a joint project conducted by the Centre and a researcher
from the CUHK.
III/
"Financing for Development in Asia" for the United Nations, by Stephen
Cheung (July - November 2001).
Objective: to examine the development strategies
of financial markets in Asia. The result of this work will be included
in the United Nation's annual report.
D. Others
We will continue to work with our overseas partners to co-organize conferences
for 2001. The annual workshop in programme areas will become a summer
research camp, enabling interactions between regional and international
researchers.
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