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Hong Kong stock market will continue trading during typhoons from September 23: John Lee
Hong Kong's stock exchange operator will allow trade to continue as normal during typhoons and torrential rains from September 23, the chief executive said, in a bid to strengthen the city's role as a gateway to global and mainland Chinese markets.
City leader John Lee Ka-chiu said Tuesday he has accepted suggestions to abandon a 70-year-old practice of suspending trading on the Hong Kong Exchanges and Clearinghouses (HKEX) or shutting down completely the market when the local meteorologist issued a number 8. typhoon signal or black rain warning.
Lee said the new arrangement was in line with standards at global stock exchanges, including those in Shenzhen and Shanghai, which maintain operations in extreme weather conditions.
As an international financial center, Hong Kong has no reason not to follow this practice, he said.
He also described the shutdown of the stock market during severe weather as abnormal given that most transactions were electronic.
Under the new agreement, investors can trade Hong Kong stocks and derivatives, and purchase mainland A-shares and other products through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in a context of extreme weather conditions.
Lee referred to a recent public consultation conducted by HKEX, which showed that 90 percent of market participants, including brokers and banks, had expressed support for the new arrangement.
Not suspending trade during extreme weather conditions can strengthen HKEX's competitiveness and strengthen Hong Kong's role as a gateway to global and mainland markets, Lee said.
Hong Kong is one of very few major markets that suspends trading in stocks and futures during extreme weather events. The city abandoned its physical exchanges in 2017 in favor of electronic transactions.
Tropical cyclones and heavy rains have forced the market to close 11 times since 2018, according to exchange data.
In 2023 alone, HKEX had to cease operations due to typhoons Talim, Saola and Koinu and several torrential rains.
Last November, the exchange operator published a consultation document proposing to abandon this decades-old practice.
Financial sector lawmaker Ronick Chan Chun-ying on Tuesday welcomed the deal, saying it would allow the city's stock exchange to keep pace with global markets.
Hong Kong's capital market enjoys broad participation from global investors. They must rebalance their global portfolios on trading days. Many companies listed in Hong Kong are also listed in mainland China and overseas, he said.
Therefore, local, mainland and international investors do not want to miss business and investment opportunities due to Hong Kong's local climate.
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Sources 2/ https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3267007/trading-hong-kong-stock-exchange-continue-during-typhoons-september-23-john-lee The mention sources can contact us to remove/changing this article |
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