Hong Kong, Nov 27: Asia's currency dealers will have more than the usual issues to discuss at their annual gathering in Hong Kong this week -- not the least of which will be whether their jobs are safe.

With few signs that Asia's financial turmoil is going to go away soon, the issue of job security will be a hot topic around the bar, if not on the agenda, at the 19the Asia-Pacific financial markets assembly.

This week's shock collapse of Japan's fourth largest securities house, Yamaichi, and with it the likelihood of 7,000 job losses, has heightened the sense of job insecurity in the industry.

The question on everyone's mind: are there more collapses to come?``It's kind of tough sometimes but you can make money day-to-day at the moment because things are moving,'' said a Hong Kong trader.

``But if you look at the Rembrandt (the big picture), things in this industry in this region don't look so good near-term,'' he said.

``Banks failing means our industry is contracting,'' said the dealer, who did not want to be identified. Reflecting the uncertainty, the annual three-day meeting, which starts on Friday, has attracted just 600 delegates from the region's shaky banking sector compared with the 1,000 or so originally expected.

While the volatility has opened up money making opportunities for some in the market, the new era of freely floating currencies in several countries will force corporates to rethink hedging strategies.

When domestic foreign exchange rates were strictly controlled and never moved, hedging was unnecessary.

This means more business for the banks which weather the storm and they should find that in the coming months Asian corporates will be coming to them for fresh ideas and financial instruments to insure against currency exposure, analysts said.

Hong Kong financial secretary Donald Tsang will make the keynote address to the assembly on Friday. Given the huge speculative flows seen lately against the Hong Kong dollar peg, his speech will be of particular interest.

Other key speakers include the Hong Kong monetary authority chief executive Joseph Yam and the executive vice president of the Federal Reserve bank of New York Peter Fisher.

Representatives from the People's Bank of China and Singapore's monetary authority also will be speaking on Friday. But the minister for international affairs at Japan's ministry of finance Eisuke Sakakibara, wrestling with the fallout from the Yamaichi collapse, will not now be attending the conference.

Sakakibara, also known as `Mr Yen' for his influence in the currency markets, was due to speak on Saturday on his view of the Asia Pacific region in the year 2000 and beyond.

The assembly, sponsored by ACI-the financial markets association, will focus on Hong Kong 2000 and beyond. The Association Cambiste Internationale (ACI) is the global umbrella body of national foreign exchange associations from more than 80 countries.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.