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Protesting cut to lunch break
Source: Agencies |
February 29, 2012, Wednesday
|
Print Edition
Print Edition
HONG Kong stockbrokers protested yesterday in a last-ditch bid to stop the city's stock market operator from cutting their lunch break next month.
The brokers marched through the central business district 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 stock market, plans to reduce the break to one hour next 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 exchange is 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, said 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 have long leisurely lunches spent smoking cigars and drinking fine wines.
"I actually bring along my lunch box," said Danny Lam, an account executive at Kingston Securities. "Our lunch hour can be very stressful as well. We still have to rush."
Last year, Tokyo's stock exchange shortened its lunch break while Singapore eliminated its altogether. Major stock markets in the US, Britain, France and Germany don't stop for lunch.
The Hong Kong exchange has tried to introduce longer trading hours before.
The brokers marched through the central business district 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 stock market, plans to reduce the break to one hour next 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 exchange is 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, said 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 have long leisurely lunches spent smoking cigars and drinking fine wines.
"I actually bring along my lunch box," said Danny Lam, an account executive at Kingston Securities. "Our lunch hour can be very stressful as well. We still have to rush."
Last year, Tokyo's stock exchange shortened its lunch break while Singapore eliminated its altogether. Major stock markets in the US, 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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