Dr Cheng, ladies and gentlemen,

It is my pleasure and honour to be here this evening to celebrate the launching of the Hong Kong Securities Institute, the first of its type ever in Hong Kong. Let me take this opportunity to congratulate the Steering Committee for the Institute which now becomes the Board of the Institute for their accomplishment.

It has long been recognised that personnel of high calibre is essential to maintain Hong Kong's competitiveness as a leading international financial centre. Although our vocational and tertiary institutions have been producing many qualified graduates for the financial services sector, there is always a need for continuous and specialised training for those who are, or who aspire to be, practitioners in the market so that they are better equipped to cope with an ever changing environment and to meet the inevitable challenges that must come with our increasing importance in the international scene.

Dr Cheng and the members of the Steering Committee have grasped this long recognised need in our securities industry which now requires much more sophistication and professionalism than ever before. Their conviction is the driving force behind the efforts in establishing the Institute. With the strong support of the Securities and Futures Commission, the Hong Kong Securities Institute now becomes reality and is ready to set qualification standards as well as Codes of Practice for its members. I am sure that the Securities Institute will be an invaluable asset to the industry and to the financial services sector as a whole.

As our Chief Executive Mr Tung Chee Hwa has announced in his policy address, the Government also sees the importance to further enhance the quality of personnel and the standard of professionalism in our financial services sector. In order to achieve this objective, the Government will support the industry in launching a study on the supply and demand for the training needs throughout the financial services sector. The initiative has received the support of a major financial institution which has agreed to sponsor the study. The Financial Secretary will soon appoint a Steering Committee to oversee this project which will cover not just the securities industry, but the whole spectrum of financial services, spanning from banking, securities and futures trading, fund management, insurance, to accountancy and other supporting services, and covering the sub-tertiary to professional levels. The objective of the study is to ascertain whether there is a need for a Financial Services Institute which can meet the training needs of every segment of our financial services industry. The launching of the Hong Kong Securities Institute today is certainly a first step in the right direction for the industry, and will complement the Government's work in the vital area of training.

Finally may I extend once again my warmest congratulations to the Chairman and the Board for the launching of the Hong Kong Securities Institute and, to the Institute, every success in the years ahead. Thank you