Hong Kong Exchanges' 20/20 Strategic Vision; Building on Success With Evolutionary Strategic Plan
With the announcement of a largely in line fourth quarter and fiscal 2018 result, the focus was on Hong Kong Exchanges and Clearing’s strategic plan for 2019 to 2021. In our view, the plan is an evolution of the last strategic plan, and it does not alter our long-term view of the wide-moat rated exchange. We continue to believe the exchange is well positioned for the liberalisation of the capital markets in China. Our fair value estimate increases to HKD 225 from HKD 210, and the exchange remain...Hong Kong Exchanges and Clearing is an exchange controller under the Securities and Futures Ordinance. Co. operates recognised stock and futures markets in Hong Kong. Co. also operates Hong Kong Securities Clearing Company Limited (HKSCC), HKFE Clearing Corporation Limited (HKCC), The SEHK Options Clearing House Limited (SEOCH) and OTC Clearing Hong Kong Limited (OTC Clear). HKSCC, HKCC and SEOCH provide clearing and settlement services, while OTC Clear provides OTC interest rate derivatives and non-deliverable forwards clearing and settlement services. Co.'s operating segment include: cash, equity & financial derivatives, commodities, clearing, and platform & infrastructure.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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