市场参与者均希望更快地交易和结算———全球交易所都在积极回应这一需求。世界不同证券市场已经或正在转向更短的结算周期。缩短结算周期意味着交易结算更快，投资者可以更迅速地取回资金，从而提升市场流动性。她表示，如何推进结算周期的改革，很大程度地取决于整个香港市场的集体意见。集团正在准备一份白皮书，预计将于2025年上半年发表，促使业界展开关于香港市场结算周期的讨论。Chen Yiting wants to continue to improve the long-term competitiveness and resilience of the market. Among them, the most critical one is to enhance market vitality.
The Zhitong Finance App learned that Hong Kong Stock Exchange (00388) CEO Chen Yiting wrote that recently, the Hong Kong market has ushered in a number of major milestones, including the Hong Kong stock market, ETF, and derivatives market. The north-south transaction volume of the Shanghai, Shenzhen, and Hong Kong Stock Connect all hit new highs, ushering in the biggest IPO since 2021. She said that it is necessary to continue to improve the long-term competitiveness and resilience of the market. Among them, the most critical one is to enhance market vitality, including the following two aspects.
The first is speed.
Market participants want faster transactions and settlements — and exchanges around the world are responding positively to this demand. Different securities markets around the world have moved or are moving towards shorter settlement cycles. Shorter settlement cycles mean faster settlement of transactions, and investors can get their funds back more quickly, thereby improving market liquidity. She said that how to advance the reform of the settlement cycle depends to a large extent on the collective opinion of the entire Hong Kong market. The Group is preparing a white paper, which is expected to be published in the first half of 2025, to prompt the industry to discuss the settlement cycle of the Hong Kong market.
She pointed out that as Hong Kong's core financial market infrastructure, it is responsible for leading the entire market to participate in this discussion and ask the most important questions. The long-term resilience of the market is critical to Hong Kong's hard-won position as a leading international financial center, and to the entire Hong Kong market ecosystem. At the same time, it will continue to optimize the system, prepare technically, and improve the platform.
The second key to increasing market vitality is efficiency.
Chen Yiting believes that improving market efficiency means improving the market microstructure, and significant progress has also been made in this regard: in April of this year, Hong Kong launched the development of the Pioneer Star derivatives platform; implemented swaps optimization measures in May; introduced a stock treasury mechanism in June and consulted market opinions on lowering the minimum price of the Hong Kong stock market; in July, the Shanghai, Shenzhen, and Hong Kong Stock Connect ETFs were expanded; just this past September, Hong Kong officially implemented arrangements to maintain market trading as usual in bad weather.
Furthermore, HKEx is closely communicating with the Hong Kong Securities Regulatory Commission and other market participants to step up cooperation for the continued development of the Hong Kong market. At the same time, it is also preparing a consultation summary on lowering the minimum price, and is also exploring specific measures to improve the listing process, including improving efficiency and regulatory support. Also, soon, the Group will seek advice from the market on price discovery reforms in the IPO market.
