Hong Kong stockbrokers marched through the central business district Tuesday in a last-ditch attempt to stop the city's stock market operator from trimming their lunch break next month. Waving cutout figures of the stock exchange's CEO and its chairman, brokers walked through the CDB to the stock exchange and on to government headquarters in a plea to keep their midday break at 90 minutes.
Hong Kong Exchanges and Clearing Ltd, which operates the southern Chinese financial centre's stock market, plans to reduce the break to one hour starting Monday. It's the second stage of a plan that began last year by trimming an hour from the 2 1/2 hour trading break.
The change is aimed at stepping up competitiveness by bringing trading hours in line with rival bourses in Asia and the West. But protesters, most of whom were from Hong Kong's many small brokerages, complained they won't have enough time to talk with clients, research stocks or attend presentations on initial public offerings. The brokers tried to dispel the popular notion that they spend their time smoking cigars and drinking fine wines during long leisurely lunches at swanky restaurants.
Last year, Tokyo's stock exchange shortened its lunch break while Singapore eliminated its altogether. Major stock markets in the United States, Britain, France and Germany don't stop for lunch. The Hong Kong exchange has tried to introduce longer trading hours before.
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