HKEX(HK:00388) 智通财经网·2025-07-17 08:28Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is considering shortening the settlement cycle for the cash market from "T+2" to "T+1", aligning with global trends to enhance market efficiency and competitiveness [1][2]. Group 1: Market Trends - The HKEX has maintained a "T+2" settlement cycle since 1992, while many international markets have transitioned to "T+1" or shorter cycles over the past 20 years [1]. - By the end of 2027, it is projected that 88% of global stock market transactions will adopt "T+1" or "T+0" settlement cycles [1]. Group 2: Impact on Brokers - Internet brokers may not experience significant changes with the transition to "T+1", as they typically require clients to pre-fund accounts, effectively operating under a "T+0" model [1]. - Traditional brokers, however, may face challenges as they often extend credit to clients, which could lead to financial risks if clients do not adapt to the new settlement timeline [1][2]. Group 3: System Upgrades and Costs - Upgrading the relevant settlement systems is not expected to incur additional costs for brokers, as the systems can be categorized into in-house developed systems and those provided by external vendors [2]. - The transition to "T+1" will require synchronization with mainland regulatory bodies, particularly for the southbound trading under the Stock Connect program, which may complicate operations due to simultaneous reforms [2]. Group 4: Future Outlook - The shortening of the settlement cycle is seen as an inevitable trend, with expectations that it may eventually move to "T+0" in the future, particularly as trading hours expand [3].