Hong Kong small brokers push for new rules

HONG KONG: Hong Kong’s struggling smaller brokers and advisers have formed a union-like association to prod the government for more support as the city suffers through a drought of initial public offerings (IPOs) and sagging trading.

Officially kicking off today, the Association of Hong Kong Capital Market Practitioners (HKCMP) is organised by 29 smaller brokers and advisers to nudge regulators to loosen the tight grip they have put on the city’s small-cap market.