Chapter 456: 456

There are many hidden rules surrounding the membership dispute staged by the "merger of the four associations". Shi Weixian, Commissioner of Securities Regulatory Commission of the Hong Kong government, proposed to reduce the number of existing total member brokers of the four exchanges to less than one third, which is a serious violation of this hidden rule.

The reason is obvious. No one wants to see the benefits in their hands taken away.

There is a profound contradiction in the value identification of member brokers in the "four associations merger". To reduce the number of member brokers, there is a problem of which exchange to cut and how much to cut.

The former is still the majority versus the minority of the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange compared with the Xiangjiang stock exchange. The latter will offend the public.

In Gao Xian's opinion, Shi Weixian, a ghost, still wants Xiangjiang stock exchange, because if we really want to reduce the number of member brokers, Xiangjiang stock exchange, which does not have a prominent number of member brokers, will certainly be the least affected.

However, the least impact does not mean no impact. Judging from the long-standing style of the interest mountain of Xiangjiang stock exchange, it will certainly be greatly dissatisfied.

To put it bluntly, Shi Weixian, the dignified Commissioner of the Hong Kong government's Securities Regulatory Commission, is not pleasing on both sides and is not human inside and outside.

Li Fuzhao, chairman of the Far East Exchange, muttered with disdain, "fool!"

Gao Xian whispered, "look at this meaning, the problem of foreign members has no hope of solving."

The so-called foreign member means literally, as opposed to the local exchange member broker in Xiangjiang.

It has to be said that although Xiangjiang is a free port, the exclusive meaning of Xiangjiang securities industry is still very strong.

Of course, this exclusion is not dominated by Xiangjiang Chinese, but by British funded Far East interest groups guarding their own territory.

What are the benefits involved? It is difficult to accurately describe the specific figures, but it can be a vivid metaphor.

As far as the world is concerned, Haojiang's gambling industry does not rank among the top three, but this does not affect he Hongshen's well deserved title of gambling king and the envy of his peers, because Haojiang's gambling industry adopts the operation mode of franchise.

In sharp contrast, Las Vegas and Atlantic City in the United States, although they are well-known gambling cities in the world, are fully competitive. No matter how big the cake is, there are many people who can't stand it. It's really not more profitable than he Hongshen.

Similarly, since the securities industry, Xiangjiang has been firmly in the hands of British funded Far East interest groups. It was not until the stock market frenzy in the early 1970s that Xiangjiang changed.

And this wave of bull market has created the rise of Chinese capital in Xiangjiang like Gao Xian? Then it is not difficult to imagine how many interests there are in Xiangjiang securities industry.

In recent years, foreign capital, including from the UK, has been trying to join the Xiangjiang exchange.

For example, in 1969, a London Securities Company, in order to join the Xiangjiang stock exchange, promised that all transactions would be completed by the local member broker of Xiangjiang, and the commission would belong to the local member broker of Xiangjiang.

As soon as this example opened, other foreign securities companies followed suit.

The associate members of these exchanges, while paying their dues like the full members of the exchange, bear the treatment of no full members. Their intention is to change the rules of the game and become full members one day.

But judging from the current exclusive forces in Xiangjiang securities industry, these foreign securities companies still have to wait patiently.

Gao Xian certainly has his own interests and position on the issue of the regularization of foreign members of the exchange.

The pattern of Xiangjiang River is doomed to be free and open, which is the way of its survival and development.

British funded Far East interest groups cling to the exclusion of foreigners, which can not be described as moving against the trend.

Gao Xian's business needs to go to other economies, but the other party is blocked by the rules of British funded Far East interest groups. No one is stupid these days. There is no exchange of interests back and forth, and the power of cooperation is naturally greatly reduced.

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The Far East Exchange also has the problem of when foreign members will give full member treatment, so Gao Xiancai asked Li Fuzhao.

At this time, Li Fuzhao showed his courage again and said calmly: "I hope the current mechanism of the association of Xiangjiang stock exchange can come up with some famous things. The cucumber and vegetables are cold. I have decided that this year's far east meeting will go first, select the best foreign members, make a demonstration and turn them into formal member treatment."

Gao Xian suddenly remembered the bleak evening scene of Li Fuzhao in the "old script" and hurriedly advised: "Chairman Li can't be in a hurry. The Far East will go too fast and easily become the target of public criticism."

"Sir Gao is still so young. Is he so forward-looking?" although Li Fuzhao used a joking tone, his words were still ugly. "If he didn't have this courage, where would the far east come from!"

Gao Xian smiled with disapproval and sighed in his heart; "It is not unreasonable that character determines destiny."

……

On this occasion, it was not appropriate to be a spectator with Gao Xian's identity and status, so he found an opportunity and made a brief speech.

"Based on my investigation of the securities industry in the United States, the New York Stock Exchange, as an absolutely dominant stock exchange, is facing various challenges, including inappropriate rules, strong demand for enterprises to reduce financing costs, increasing attraction of NASDAQ, etc."

"In this case, the New York Stock Exchange has to lower its arrogant head, such as changing the original fixed commission to floating commission."

"I think that reform is the general trend of the global securities industry, and the situation of the four branches of Xiangjiang securities industry must be improved. Otherwise, with the further development of Xiangjiang securities industry, both supervision and trading will become more and more troublesome, which will eventually damage the industry itself."

"Of course, because of the many interests involved, change is by no means easy."

"However, we can't do nothing because we can't come up with a plan that completely satisfies all parties. Otherwise, the Zhengfu side will be very disappointed."

Speaking of this, Gao Xian deliberately paused and saw that many of the participants nodded, because this is a fact. For the Hong Kong government to continue to promote the merger of the four associations this time, we can't settle it in the way of wrangling as before? That would underestimate the temper of the Hong Kong government.

Seeing this, Gao Xian smiled: "I think we can put aside our differences for the time being and take a step forward. First, let the stock trading of the four exchanges be interconnected, rather than forcing customers to shuttle between the four exchanges."

Shi Weixian, the Hong Kong government's Commissioner for securities and futures, who was a little disheartened before, immediately answered: "Sir Gao's proposal is very good! The four exchanges will not even respond to this?"

They all looked at Shi Yurong, chairman of Xiangjiang stock exchange, and Li Fuzhao, chairman of the Far East stock exchange. Because these two can be called the protagonists, Xiangjiang stock exchange is favored by British capital. The Far East stock exchange brings together most Chinese capital and has obvious trading volume advantages.

Li Fuzhao said very happily, "the attitude of the far east society has always been positive and open."

It is estimated that Shi Yurong also felt that it was not good not to give an explanation to the Hong Kong government, so he said slowly: "try it out for a period of time to see how the effect is."

In this way, the meeting passed a trial exchange of stock trading among four exchanges without any binding force, which can be regarded as a step down and will not really embarrass the Hong Kong government.

Regardless of what was going on inside, Xiangjiang stock market directly digested the results that were not the results of the meeting into good news, as if it really got rid of the shackles and began to fly.

Gao Xian will certainly not be fooled by this appearance, but he can really get some convenience. For example, the acquisition of jiulongcang and land shares of Jardine's first series has correspondingly improved the operation efficiency.

On this day, ye Licheng personally sent an important document to Gao Xian. By the way, "Zhan Peizhong asked me if there were any resources for backdoor listing. I didn't reply immediately, because the shell resources at this stage are still very popular."

"Zhan Peizhong is still so sensitive to the market." Gao Xian smiled. "Didn't he say who wants a shell?"

Ye Licheng shook his head. "Zhan Peizhong pretended to be mysterious and didn't say it clearly, but it's certain that he didn't use it for his own use."

Gao Xian thought a little, "well, you should inform Zhan Peizhong to come to me during the Spring Festival."

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