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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Tom who wrote (2534)	11/3/1998 11:56:00 AM
From: Tom	Read Replies (1) \| Respond to of 2951

HK Monetary Authority Probes London Banks LONDON, Nov. 03, 1998 -- The Hong Kong Monetary Authority (HKMA) is investigating whether proprietary trading by London-based investment banks forced the collapse of the Hong Kong stock market in August, the Daily Telegraph newspaper reported. The paper said Hong Kong's financial regulator had visited the offices of those banks it viewed as having been particularly active in the weeks preceding the market's collapse to a five-year low. The visits took place around four weeks ago, the paper said on Tuesday. It quoted bankers as saying the HKMA had been looking for evidence banks were short-selling the market, either on their own accounts or on behalf of hedge funds. Bankers were enraged by requests from the HKMA to listen to tapes of telephone conversations so it could ascertain on whose behalf the banks were working, the Telegraph said.