港股现货市场拟调整为T+1结算

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is initiating discussions to potentially shorten the settlement cycle for the stock cash market from T+2 to T+1, aiming to align with global trends and enhance market efficiency [1][2]. Group 1: Current Market Context - The current T+2 settlement cycle has been in place since 1992, facilitating significant participation from global investors in Hong Kong's capital market, which includes over 2,600 listed companies [1]. - The average daily trading amount in the cash market is projected to exceed HKD 240 billion in the first half of 2025, indicating a robust market size [1]. Group 2: Global Trends and Comparisons - Over the past 20 years, many major global markets have transitioned to T+2 or are considering T+1 or shorter settlement cycles, with T+1 currently implemented in markets such as mainland China, the US, Canada, Mexico, Argentina, and India [1][2]. - By 2027, it is expected that 88% of global stock market transactions will adopt T+1 or T+0 settlement cycles, highlighting a significant shift in the industry [1]. Group 3: Benefits and Challenges of Transition - Potential benefits of moving to a T+1 settlement cycle include increased market efficiency, reduced systemic risk, and closer alignment with other international markets [2]. - Challenges include addressing time zone differences, foreign exchange conversions, and the need for market participants to upgrade systems and automate processes to maintain operational efficiency and stability [2]. Group 4: Scope of Discussion - The current discussions are limited to the settlement of secondary market transactions in the stock cash market and do not involve the settlement of primary market transactions [3]. - HKEX is committed to optimizing the financial market infrastructure in Hong Kong to ensure robustness and efficiency [3].