Hong Kong closes in on scripless securities market

Hong Kong edged closer to a scripless securities market yesterday in a move welcomed as a major step forward for the city in terms of efficiency and competitiveness.  The new regime, which is expected to be implemented in phases starting in 2013, will enable investors to hold and transfer securities electronically in their own name.  The government says gradual implementation will allow investors to switch from physical certificates to paperless securities at their own pace.  Issuers …