Mar. 2025 Enhancements Enabling Download of Reports
On Mar. 27, 2025, HKEX said the RAP will be enhanced to enable download of central clearing and settlement system (CCASS) and common collateral management system (CCMS) reports using the secure file transfer protocol (SFTP) in mid to late Jul. 2025.
Enhancement is compulsory for participants other than investor participants and designated banks as the existing report retrieval channel will be replaced in Oct. 2025.
The Orion Cash Platform webpage has officially gone live, and will provide participants and DBs with access to project status updates, market documents, other information.
HKEX has published a questionnaire to collect necessary information and understand the arrangements for this enhancement; participants and DBs to complete by May 30.
On Dec. 19, HKEX planned initiatives for securities market in 2025.
HKEX outlined plans to implement the initiatives for the securities market in 2025.
Report Access Platform Upgrade
HKEX plans to upgrade the report access platform (RAP) in phases, see #236913.
Proposed to restructure stock settlement fee by removing minimum and maximum components and replacing by an adjusted fee rate charged on notional value traded.
The proposal is under consideration by the HK SFC; to be announced in due course.
Multi-counter Eligible Securities
Enhancing settlement arrangement for multi-counter eligible securities, see #213928.
The enhancement will come into effect by Jun. 2025 tentatively, subject to approval.
SWIFT MX Migration
In response to global SWIFT’s ISO 20022 migration for payment, reporting messages, HKEX plans to migrate SWIFT MT messages to MX messages in fast interface for new issuance (FINI); upgrade from ISO 15022 to ISO 20022 to align with global standard.
A new closed user group (CUG) is ready for designated banks (DBs) to subscribe, and the MX CUG request user guide, the updated MX specification have been given to DBs.
The schedule for interface and GUI testing will be in Apr. 2025, go live in Q3 2025.
Digital Platform for ETP
Implementation of digital platform for exchange traded products (ETP), see #232228.
Uncertificated Securities Market
HK SFC, HKEX and the Federation of Share Registrars Limited (FSR) are advancing the implementation of the uncertificated securities market (USM) in Hong Kong.
The USM regime will be implemented by the end of 2025 tentatively.
To remove the need for manual and paper-based processes for evidencing and transferring legal title to shares and certain securities as required by HK laws.
Clearing and custodian participants can refer to the circular dated Oct. 2, 2024.
Dec. 20, 2024 Future Plans
On Dec. 20, 2024, HKEX reviewed its work in 2024 and its future plans for 2025.
Said it will implement new enhancements to Corporate governance code and related rules, whilst new climate-related disclosure rules will come into effect from 2025.
Will proceed with proposal to reduce minimum spreads of eligible securities, #217671.
Plus announced the introduction of new modernized post-trade services, see #236809.
HKEX will ensure its systems are technically ready for a T+1 stock settlement cycle by end 2025; facilitate discussion on a suitable settlement cycle for HK markets, #206128.
Mar. 2025 Enhancements Enabling Download of Reports
On Mar. 27, 2025, HKEX said the RAP will be enhanced to enable download of central clearing and settlement system (CCASS) and common collateral management system (CCMS) reports using the secure file transfer protocol (SFTP) in mid to late Jul. 2025.
Enhancement is compulsory for participants other than investor participants and designated banks as the existing report retrieval channel will be replaced in Oct. 2025.
The Orion Cash Platform webpage has officially gone live, and will provide participants and DBs with access to project status updates, market documents, other information.
HKEX has published a questionnaire to collect necessary information and understand the arrangements for this enhancement; participants and DBs to complete by May 30.
