Tuesday, March 17, 2009

港交所威信盡失

上周港交所(388)狠下決心,選擇在本月23日取消收市競價時段,希望避免讓滙豐控股(005)股價慘遭「嘜價」推低,果然是藍籌大企業,待遇確也不同。其實,收市競價時段問題路人皆見,奈何港交所遲遲未見改善,話雖終於撤銷絕對是好事,但這種急就章做法,禤中怡卻不敢恭維,因董事延長股份禁止買賣期事件,已暴露港交所在執行政策的搖擺不定和無力感,而是次匆匆取消收市競價時段,就更顯示政策的不一致性和欠缺持續性。

假若政府經常更改營商政策,如今年加利得稅,明年減利得稅,需遵守有關政策的商界人士,單是應付這些變更,已經叫人疲於奔命,甚至連正常生意運作也會受影響。同樣道理,歷經約9個月時間,港交所於3月5日才公布,於6月22日起,為收市競價時段引入波幅2%限制,兼且詳列何時為交易所參與者和資訊供應商舉辦研討會,又會安排兩輪市場演習和測試工作等,總之一望就知,是準備就緒,落實執行有關政策。

怎知殺出滙控「嘜價」事件,連國際性報章如《金融時報》也要討論,可見問題之嚴重性。但考慮政策之時,理應將各種因素計算在內,況且港交所行政總裁保羅周話屬集體決定,更加反映屬集合各財俊精英的思維,反映引入波幅限制費盡心思考慮,為何不能堅持下去,維持公信力,避免讓人覺得一個交易平台會遷就一隻藍籌股?更令人摸不著頭腦的是,既然隨便可以話取消,一切就可打回原形,那麼又為何引入2%波幅限制呢?

有散戶朋友卻對收市競價時段取消與否不以為然,更話同自己無甚關係,反正不會在該時段買賣,兼且有朋友曾趁機在該時段「嘜高」幾格,成功多賺一點呢!禤中怡告知,對散戶來說,好像無甚影響,但股價除反映公司價值基本面,還有其他因素存在,如場外的衍生工具等,故有必要制定合適收市制度應付,試想投資的股份股價被小小的資金「嘜價」推低,其他投資者以為股價表現差而跟著沽,散戶手上的貨又是否無影響呢?

見到這種場面,反而覺得港交所倒不如將有關監管和交易權力交予證監會處理,純粹扮演一個交易平台,只制訂相關細節,交易政策由政府制定,反正政府已入股做股東了!但制定政策時,市場和業界聲音能否向政府充分反映便存疑。

曾聽一個建築商話,自從市民關注「官商勾結」,想約有關政府部門官員食午飯聯誼,對方也怕得要命,和以往明顯改變,溝通難免受影響。若這個道理也適用於金融市場,可能政府也聽不到市場聲音,故可維持現制,但港交所不妨提升透明度,披露更多政策制定過程和涉及的有關人選,讓大家可監察,同時諮詢業界甚至主動向學術界等中立人士討教。可能大家會認為事事諮詢,任何政策改動也會被拖慢,但所謂慢工出細貨,日後堅決執行政策也可維持公信力,更不用出現這種尷尬場面。

(3月17日刊於《am730》)

7 Comments:

At 12:42 AM, Blogger 若缺齋老人 said...

但如果港交所對競價問題來個"堅持原則"會否更大鑊?

 
At 3:41 PM, Blogger 禤中怡 said...

多謝若缺齋老人的意見,禤中怡覺得,既然遊戲規則已定,若果隨便更改,更顯出不公平情況,試問有誰喜歡政策朝令夕改?大戶出手當然想賺錢,而且問題早已存在,並非突然發生,故即使堅持原則,確對股價可能造成影響,但相信大戶也不會不知道監管機構也留意市況,如果收緊規定可能較斬腳趾避沙蟲為佳呢。

 
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