Group 1 - Hong Kong Exchanges and Clearing (HKEX) is considering implementing a five-day, 24-hour trading mechanism by mid-2026, following Nasdaq's plans [1] - HKEX is actively discussing shortening the settlement cycle for the cash market, with technology systems expected to support T+1 settlement by the end of this year [1] - The current trading hours for major global stock markets vary, with London, Frankfurt, and Paris at 8.5 hours, Singapore at 7 hours, and the US exchanges at 6.5 hours [1] Group 2 - The China Securities Regulatory Commission (CSRC) emphasized the need to enhance capital market activity and investor confidence by optimizing trading mechanisms and potentially extending trading hours for A-shares and bond markets [2] - Currently, A-share trading hours are only 4 hours, which is relatively short compared to other mature capital markets, affecting pricing efficiency and increasing overnight risk for small investors [2] - There is a suggestion to synchronize A-share trading hours with Hong Kong stocks to create overlap with European markets, which could positively impact trading volume and market activity [2] Group 3 - Changliang Technology has established partnerships with numerous overseas financial institutions [3] - Hengsheng Electronics' subsidiary, Hengyun Technology, is a leading provider of core trading systems for Hong Kong brokers [3]

Group 1 - The Hong Kong Stock Exchange (HKEX) is actively discussing the shortening of the settlement cycle for the cash market, with plans to support a T+1 settlement cycle by the end of this year [1] - HKEX CEO Charles Li noted the ongoing discussions regarding extending trading hours, referencing Nasdaq's plan to implement a 24-hour trading mechanism five days a week by the second half of 2026 [1] - The company will adopt a cautious and gradual approach, taking into account international experiences while considering local market conditions, with system upgrades and risk management frameworks being prerequisites for this process [1] Group 2 - Since the launch of the "Tech Company" special line, HKEX has received applications for IPOs from 50 companies under Chapter 18A and Chapter 18C listing rules [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is committed to strategic investments to maintain global competitiveness, focusing on optimizing data platforms and upgrading trading and settlement systems [1] Group 1: Strategic Investments - HKEX will not hesitate to increase capital expenditure, particularly in areas such as data platform optimization and trading settlement system upgrades [1] Group 2: Trading Hours Extension - The CEO mentioned the ongoing discussions regarding the extension of trading hours, noting that Nasdaq plans to implement a 24-hour trading mechanism by the second half of 2026 [1] - HKEX will adopt a cautious and gradual approach, studying international experiences while considering local market conditions before making changes [1] Group 3: Settlement Cycle - HKEX is actively engaging with market participants to discuss shortening the settlement cycle for the cash market [1] - The technical systems of HKEX will support a T+1 settlement cycle by the end of this year, but the implementation will depend on feedback from various market participants [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) emphasizes strategic investment to maintain global competitiveness, particularly in data platform optimization and trading settlement system upgrades [1] Group 1: Strategic Investments - HKEX's CEO, Charles Li, stated that the company will not hesitate to increase capital expenditure to enhance its competitive edge [1] - The focus areas for investment include optimizing data platforms and upgrading trading settlement systems [1] Group 2: Trading Hours and Market Practices - Regarding the extension of trading hours, HKEX is observing Nasdaq's plan to implement a 24-hour trading mechanism by the second half of 2026 [1] - HKEX will adopt a cautious and gradual approach, studying international peers' experiences while considering local market conditions [1] - The process of extending trading hours will depend on the upgrade of trading systems, improvement of risk management frameworks, and maturity of regulatory frameworks [1] Group 3: Settlement Cycle Discussions - HKEX is actively discussing the possibility of shortening the settlement cycle for the cash market [1] - The technical systems of HKEX are expected to support a T+1 settlement cycle by the end of this year, but the implementation will require feedback from various market participants [1]

Core Insights - The CEO of JSE, Leila Fourie, stated that the exchange is considering the introduction of 24-hour trading [1] - The move is in response to the increasing number of individual investors trading via smartphones, prompting global exchanges to expand trading hours [1] - Recent months have seen major exchanges like NYSE, Nasdaq, and Cboe applying for extended trading hours, while the London Stock Exchange is also contemplating similar changes [1] Company Developments - JSE is exploring the possibility of 24-hour trading to better serve the South African market [1] - The exchange aims to collaborate with market participants to ensure the products offered are suitable for local investors [1] Industry Trends - There is a growing trend among global exchanges to extend trading hours in response to changing investor behavior [1] - The shift towards more flexible trading hours is driven by the rise of retail investors and technological advancements in trading platforms [1]

Core Viewpoint - Nasdaq has applied to regulators for a plan to allow trading five days a week, 24 hours a day, aiming to meet the growing interest from global investors, particularly from Asia, but faces various challenges and mixed opinions from market participants [2][4][11]. Group 1: Nasdaq's Proposal - Nasdaq has initiated discussions with regulators and key stakeholders to implement 24/5 trading, expecting to launch the plan in the second half of 2026 [4]. - The proposal requires approval from the U.S. Securities and Exchange Commission (SEC) before proceeding [6]. - Nasdaq's President Tal Cohen noted that while there is a demand for extended trading hours, there are significant hurdles related to risk management and liquidity [7]. Group 2: Market Context - Other exchanges, such as the New York Stock Exchange (NYSE), have also announced plans to extend trading hours, with NYSE's electronic Arca trading platform expected to offer 22-hour trading by 2025 [8]. - The average daily trading volume during non-standard hours has increased from approximately 700 million shares in 2021 to over 1.7 billion shares by January 2025 [14]. Group 3: Industry Challenges - Market participants have expressed concerns about the feasibility of 24-hour trading, including the need for exchanges to maintain a break for clearing transactions and system maintenance [13]. - Some companies listed on Nasdaq have reservations about the transition to 24/5 trading, particularly regarding liquidity and handling corporate announcements [14]. - The successful transition to a T+1 settlement cycle in 2024 has set a precedent for smoother changes in trading practices [16].