In the third quarter of 2004-05, the Securities & Futures Commission recorded a surplus of $45 million.

According to the commission's third quarterly report for the financial year 2004-05, the accumulated surplus for the first nine months of the financial year was $122 million.

Commission Chairman Andrew Sheng said based on current information and by keeping a tight rein on spending, the commission expected to continue to have a surplus in the final quarter to March 31.

The commission's total revenue for the first nine months was $456 million, up 23.5% over the same period last year owing to increased market turnover and activities.

Total expenditure, including depreciation, was $334 million, up 9.9% over the same period last year and close to the approved budget of $333 million.