Hong Kong’s New Market Obsession

At first glance it seems just the kind of free-market, private-sector, internationally-focused innovation that Hong Kong needs if it is to maintain its place in the global league. But scratch the surface of the proposal, unveiled last week, to establish the Hong Kong Mercantile Exchange (HKMerc) to trade fuel oil futures, and familiar features of Hong Kong's government-linked crony network start to appear.

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