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Typhoon Trading: Hong Kong Orders Stock Exchange to Stay Open During Severe Weather

Typhoon Trading: Hong Kong Orders Stock Exchange to Stay Open During Severe Weather
Typhoon Trading: Hong Kong Orders Stock Exchange to Stay Open During Severe Weather

 


Hong Kong will end its decades-long practice of closing its markets during typhoons and major storms from September 23.

There was broad support for allowing commerce in extreme weather conditions and for following other cities, Chief Executive John Lee said at his weekly news conference. There will be enough time during the transition period, he said.

The city is an exception among major financial centers when it comes to rules for closing markets during severe weather. The practice was seen as increasingly antiquated after the pandemic years showed that markets could operate even if most workers were stuck at home.

Typically, five to eight typhoons hit the city each year, but not all of them disrupt traffic and schools.

Local governmentpushed hardon the change and called for coordination between the exchange, the securities regulator and the central bank, even as many smaller brokers expressed opposition due to the costs and difficulties of remaining open.

I think this is a positive development for the Hong Kong market by removing a source of uncertainty around market access and liquidity, said Redmond Wong, chief China strategist at Sax Markets.

The trading halt has also drawn criticism because it interrupts flows through Stock Connect that connect the Shanghai and Shenzhen markets. Aaverageof 125 billion yuan ($17.2 billion) per day was traded northbound and 56 billion Hong Kong dollars ($7.2 billion) southbound on the route in May.

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Sources

1/ https://Google.com/

2/ https://fortune.com/asia/2024/06/18/typhoon-trading-hong-kong-to-keep-exchange-open-during-extreme-weather-september/

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