Bloomberg
By Kana Nishizawa and Marco Lui - Jan 12, 2012
Securities traders and restaurant staff will protest outside the Hong Kong stock exchange offices today over the bourse’s plan to reduce its lunchtime trading break.
As many as 1,000 protesters will gather at the Statue Square in the city’s central business district at 4:45 p.m. and walk to the headquarters of Hong Kong Exchanges & Clearing Ltd. at the Exchange Square, said Patrick Lam, chairman of the Hong Kong Securities & Futures Employees Union and organizer of the demonstration.
Hong Kong Exchanges Chief Executive Officer Charles Li plans to cut the lunch break from March 5 to one hour from 90 minute, following a reduction last year from two hours, the longest of the world’s 20 largest bourses. Brokers use the lunch break to communicate with clients and improve businesses, and one hour is not enough, Lam said by telephone today. Restaurants in the city’s central district would be losing business as well, he said.
“I think it’s ridiculous,” said Francis Lun, managing director at Lyncean Holdings Ltd., who may join the protest. “After the morning trading, traders have to spend about 15 minutes to match all the trades, so it really gives you no time for lunch at all. I hope we can throw garbage on the head of Mr. Charles Li for not listening to public opinion.”....
The SGX has since cut off lunch break to be in line with the stupid Americans for the same quoted reason that it will increase the volume of transactions. Where is the evidence? Where is the increase? There is only decrease in volume. In fact the volume of trades does not even justify opening the exchange for more than 2 hours. Now that this sad state of affair has been proven, let’s not deceive ourselves that volume will increase with continuous trading.
What is the point of opening non stop when there are hardly any trades being done? Or is it that it got something to do with switching on and off of high speed computers? There is no reason for continuous trading unless the volume justifies it. Until then, it is only reasonable to revert to the one and the half hour lunch break.
hahahahaha RB , damn good point about switching on and off the computers... kekeke ... come to think of it , these expensive super duper computers do need time to boot up horrr.... LOL... who says cuper computers are faster than human brains , hmmm ??
ReplyDeleteHi RB,
ReplyDeleteHope you wont mind me butting in ...
Links about geopolitics on history, oil, money and power
Henry C K Liu
http://henryckliu.com/
http://atimes.com/atimes/others/world-order.html
i m reading up on his Articles and its quite a handful ...
interesting as its from an Asian perceptive
Bengster
Hope you wont mind me posting links which i may find helpful in our upstanding of our current situations
Another site - Who rules America or Sinkie Land?
ReplyDeleteNaomi Klein -Shock Doctrine: The Rise of Disaster Capitalism
http://www.youtube.com/watch?v=hA736oK9FPg
Funny thing about the doc above is the critic of the biz school of Chicago...which Obama was a prof and the only Chicago graduate school outside of USA is at out very own Penang Road. Once they setup shop here , all our elites started to think like them?
Selling off the public sphere into private hands!
A study on power structure
http://www2.ucsc.edu/whorulesamerica/book.html
Your Humble Bengster
Working class N level Serf
You are welcome Bengster. It is good to keep people informed of important writings and views.
ReplyDeleteThanks
Aiyah, private business lah. Leave them alone to run their enterprise the way they see fit. They screw up, their business.
ReplyDeleteYou're taking about developed societies, BTW -- where the average daily caloric intake far exceeds the recommended amounts. No one will die just because they have to work thru their lunchtime lah.
Are people such fucking babies these days?
P. S. I fully support the private ownership of what is presently "public" property.
ReplyDeletePrivate property rocks and rules! Public property is communist ;-)