How to fix Hong Kong’s markets

Everyone has a complaint about how Hong Kong’s markets are run, whether it is cornerstones, regulation, secret orders, or simply poor performance. How does HKEx get the environment right when everyone has a different idea of what is wrong?

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Illustration: Britt Spencer
 

IN ADDITION  

Are Hong Kong’s markets broken? The mood of many international bankers and investors in the Special Administrative Region is miserable, with gripes ranging from cornerstones to liquidity, shorting to fictional orders in bond books. Chinese banks think it is all just fine as they gain market share. And Hong Kong’s exchange and the Securities and Futures Commission (SFC) are trying to make sense of the noise.

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