Sunny days ahead for Hong Kong securities firms

HONG KONG: Stockbrokers in Hong Kong, who had a torrid time in the Year of the Rat, may have some reason to cheer in the Year of the Ox, even as their mainland counterparts huddle together and wait for the financial storm to pass.

The stockbrokers could very well thank the curse of the poison securities if their luck does indeed change after the government goes ahead with its plan to ban the sale of third-party investment products.

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have indicated their support to the idea that banks should separate their deposit taking and retail securities businesses.