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HONG KONG EXCHANGES AND CLEARING LIMITED

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Hong Kong Exchanges and Clearing : Britain proposes accountability rules for market infrastructure firms

07/20/2021 | 08:22am EDT
FILE PHOTO: A view of The Bank of England and the City of London financial district in London, Britain

LONDON, July 20 (Reuters) - Britain's finance ministry on Tuesday proposed extending individual accountability rules for senior managers at banks and insurers to a wider range of financial firms such as clearing houses and payments systems.

The proposed rules would apply to clearing houses like LCH, part of the London Stock Exchange Group, LME Clear and ICE Clear Europe, and settlement house Euroclear.

The existing rules were introduced after too few individuals were punished for failures during the financial crisis more than a decade ago and they aim make senior managers directly accountable for their actions.

The finance ministry said the current regime had only limited provision for oversight of individual conduct at financial markets infrastructure firms, companies that ensure that a transaction like a stock or bond trade is completed smoothly.

Under the proposals put out to public consultation, the Bank of England would have powers to decide which senior individuals at these firms would come under the regime.

"This would ensure that the firms which underpin the proper functioning and overall stability of the UK’s financial system are subject to the highest regulatory standards," the ministry said.

"The government intends to legislate for this new regime when parliamentary time allows."

(Reporting by Huw Jones; Editing by Catherine Evans and Jane Merriman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HONG KONG EXCHANGES AND CLEARING LIMITED 1.17% 484.4 End-of-day quote.13.98%
LONDON STOCK EXCHANGE PLC 0.30% 7988 Delayed Quote.-11.59%
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Financials
Sales 2021 22 459 M 2 885 M 2 885 M
Net income 2021 13 830 M 1 776 M 1 776 M
Net cash 2021 64 226 M 8 250 M 8 250 M
P/E ratio 2021 44,4x
Yield 2021 2,01%
Capitalization 613 B 78 716 M 78 718 M
EV / Sales 2021 24,4x
EV / Sales 2022 20,8x
Nbr of Employees 2 204
Free-Float 94,0%
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Number of Analysts 27
Last Close Price 484,40 HKD
Average target price 552,45 HKD
Spread / Average Target 14,0%
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Managers and Directors
Alejandro Nicolas Aguzin Chief Executive Officer & Director
Romnesh Lamba Co-President
Chi Kin Tai Co-President, COO & Executive Director
Bik Yun Lau Group Chief Financial Officer
May Lung Cha Non-Executive Chairman
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