Reduced capital requirements boost brokerage prospects in Hong Kong

An official from the Hong Kong-based Value Convergence and Holdings group of financial companies told FX Week the capital reduction was good news and represented a "great opportunity". He said the firm planned to start an FX brokerage service "in the next few months" and had started recruiting staff to run it. "An online platform will be the ultimate goal, but of course, we will have to see what the new business manager recommends," he added.

An industry observer said: "It definitely represen