Intermediary numbers in Hong Kong reach record high

The number of licensed intermediaries in Hong Kong has reached a recotf high

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The Securities and Future Commission (SFC) said more than 7,300 new licence applications were received during the first seven months of 2010, a 46% increase compared to the same period last year.

The total number of licensed intermediaries stood at 37,694 at the end of July, more than 300 higher than the previous peak in November 2008 of 37,373.

SFC chief executive Martin Wheatley said: “The latest statistics suggest a cautious return of confidence amongst intermediaries participating in the Hong Kong market following the financial crisis and underscores Hong Kong’s attraction as an international finance centre for both local and overseas corporations.”

The majority of new licence applications received by the SFC during the first seven months of this year were from individuals joining firms that were licensed by the SFC and already carrying on business in Hong Kong, the regulator said.

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