HKEx

HKEx

HKEx overview

Hong Kong Exchanges and Clearing Limited (HKEx) is a leading global operator of exchanges and clearing houses based in Hong Kong and one of the world’s largest exchange groups by market capitalization. HKEx operates the securities and derivatives markets and their related clearing houses and is the regulator of listed companies in Hong Kong. To increase competitiveness and meet the challenges of a global market, the Stock Exchange of Hong Kong Limited (SEHK) and Hong Kong Futures Exchange Limited (HKFE), together with Hong Kong Securities Clearing Company Limited (HKSCC), merged under a single holding company, HKEx.

Matching Algorithm

The algorithm for ranking and matching orders received is based firstly on the best price (i.e., highest bid and lowest ask have the highest priority), and secondly on the time the order is received in HKATS. Quotes from Market Makers are also subject to the same ranking, matching, and pricing methodologies. The HKEx matching engine is located in Hong Kong.

Available Products

TT supports all futures and options products available for trading through the HKEx Derivatives Trading System (HKATS).

For a complete list of products, refer to the HKEx website.

For the latest list of products available for the T+1 (After Hours Trading) session refer to After-Hours Futures Trading.

Supported Exchange Functionality

TT supports the following HKEx functionality:

  • Aggregate and Detailed market depth
  • Tailor-Made Combinations
  • Trade Report Combo (Wholesale)
  • Give Up handling
  • Inactivated order handling
  • Fill and order recovery
  • RFQ
  • Indicative price/quantity during Pre-Open prior to an Auction
  • Exchange-provided implied prices
  • Market making functionality: Quoting and Mass Quoting

Unsupported Exchange Functionality

The following HKEx functionality is not supported:

  • Wholesale orders:
    • Interbank Trade: Orders that are only posted to the Participant listed as the order’s counterparty. Interbank trades are only executed after the counterparty submits a matching order.
    • Internal Trade: Orders where the bid-side Participant and an ask-side Participant are set within the same order message. Both sides of the order are then execute as a cross order.
  • Open interest
  • Post-trade processing
  • At Auction, Enhanced Limit, and Special Limit orders

Trading states

The following table shows HKEx trading states on TT:

Trading State Description
Pre-Open - T Session (day or afternoon) Includes open allocation, pre-open, and pre-open allocation market states.
Open - All (T, T + 1) Includes markets tradable in the T and T + 1 sessions, markets enabled with price limit control, and markets enabled with dynamic price banding.
Close - All (T, T + 1) In this state, all markets are closed.
Freeze - T Session (day or afternoon) All markets are paused for trading.

Trading Hours

HKEx offers different trading hours for their securities and derivatives markets. Trading hours for derivatives vary by contract.

Connectivity options

The TT® platform supports connectivity to the exchange, so you do not have to contact the exchange regarding connectivity options.