Group 1 - The Hong Kong Stock Exchange (HKEX) is considering a 24-hour trading mechanism in response to Nasdaq's plans to implement it in the second half of 2026 [1][2] - HKEX's CEO, Charles Li, emphasized the importance of strategic investments to maintain global competitiveness, particularly in data platform optimization and trading settlement system upgrades [1] - The Hang Seng Index has increased by 25.1% this year, ranking second among major global indices, only behind the South Korean Composite Index, which rose by 30.45% [1] Group 2 - Currently, the trading hours for Hong Kong stocks are 5.5 hours, while other major exchanges have longer trading hours, with Nasdaq at 6.5 hours [2] - If HKEX successfully implements the 24-hour trading mechanism, it will enhance its flexibility in trading hours and strengthen its position as an international financial center [2]

【港交所：致力提升市场效率，但延长交易时间需审慎】#港交所回应24小时交易机制#在港交所2025年 中期业绩会上，有市场人士建议延长交易时间，港交所行政总裁陈翊庭的回答被部分市场人士误解 为"港交所在研究24小时交易机制"。8月21日，《每日经济新闻》记者从港交所方面了解到，陈翊庭表 示，港交所一直致力于为投资者提供更多便利，对于所有相关的建议都持开放态度，但是因为延长交易 时间对市场整体影响很大，挑战不小，需要非常审慎，也需要征求所有市场参与者的意见。例如，万一 出错，现在尚有几小时可以修补问题，如果24小时不间断交易，就没有余地了。（每经） ...

【港交所陈翊庭：#港交所将研究24小时交易机制#】在港交所2025年中期业绩会议上，港交所集团行政 总裁陈翊庭表示："港交所在保持全球竞争力方面始终坚持战略性投入原则。港交所在资本开支方面不 会吝啬，我们持续加大在数据平台优化、交易结算系统升级等方面的投入力度。"在现场，陈翊庭回答 了市场热议的延长交易时间的问题。"关于交易时间延长议题，我们注意到纳斯达克拟于2026年下半年 实施每周5天24小时交易机制。港交所将秉持审慎渐进原则，在充分借鉴国际同业经验的基础上，结合 本地市场实际情况进行研究。该进程需待交易系统升级、风险管理体系完善及监管框架配套成熟后逐步 完善。"她表示。陈翊庭表示，港交所正积极与市场参与者就缩短现货市场结算周期进行探讨，港交所 的技术系统在今年年底前将可以支持T+1结算周期，但市场何时实行T+1结算需要征求多方市场参与者 意见。 (上海证券报) ...

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资料图。本文来源：上海证券报 她还表示，运营好一个交易所，投资者、企业、产品、基础设施、科技赋能等元素不可或缺， 基于"人货场"协同发展的理念，港交所将持续关注市场需求动态，及时响应市场发展需求。 在现场，陈翊庭回答了市场热议的延长交易时间的问题。"关于交易时间延长议题，我们注意到 纳斯达克拟于2026年下半年实施每周5天24小时交易机制。港交所将秉持审慎渐进原则，在充分 借鉴国际同业经验的基础上，结合本地市场实际情况进行研究。该进程需待交易系统升级、风 险管理体系完善及监管框架配套成熟后逐步完善。"她表示。 在基础设施韧性建设方面，自恶劣天气交易机制实施以来，港交所交易及结算系统稳定性经受 住了实践检验。据悉，在最近三次香港恶劣天气期间，港股市场日均成交额均维持在2000亿港 元以上。 陈翊庭表示，港交所正积极与市场参与者就缩短现货市场结算周期进行探讨，港交所的技术系 统在今年年底前将可以支持T+1结算周期，但市场何时实行T+1结算需要征求多方市场参与者意 见。 ■ 港交所陈翊庭：港交所将研究24小时交易机制 8月20日，在港交所2025年中期业绩会议上，港交所集团行政总裁陈翊庭表示："港交所在保持 全球竞 ...

Core Viewpoint - The introduction of 24-hour trading mechanisms is reshaping global financial markets, driven by the need for extended trading hours and the competition among exchanges [1][5][7] Group 1: Global Market Developments - Nasdaq plans to launch 24-hour trading for stocks, ETFs, and closed-end funds in the second half of 2026, pending regulatory approval [2] - NYSE has received approval to extend trading hours for its fully electronic exchange, NYSE Arca, to 22 hours each trading day [2] - The Chicago Board Options Exchange (CBOE) announced plans for 24-hour trading starting in February 2025, aligning with Nasdaq's initiatives [2] Group 2: Regional Market Responses - The London Stock Exchange Group (LSEG) is exploring the feasibility of extending trading hours, considering both technological and regulatory impacts [3] - The Tokyo Stock Exchange has extended its trading hours to 5.5 hours, marking its first adjustment since 1954 [3] - The cryptocurrency market operates 24/7, with platforms like Kraken offering tokenized versions of U.S. stocks for continuous trading [3][4] Group 3: Expansion of Trading Mechanisms - The 24-hour trading model is expanding beyond futures to include stocks and derivatives, creating a comprehensive trading network [4] - Nasdaq and NYSE's plans cover equities, while CBOE's initiative includes derivatives, indicating a broadening of the trading landscape [4] Group 4: Strategic Considerations for Exchanges - Nasdaq's push for 24-hour trading is driven by global client demand, competitive pressures, and technological advancements [5] - Data shows that 63% of non-traditional trading volume in U.S. stocks comes from the Asia-Pacific region, highlighting the need for extended trading hours [5] - The rise of alternative trading systems has increased non-traditional trading volumes, necessitating Nasdaq's response to maintain market share [5] Group 5: Implications for Hong Kong Stock Exchange - The Hong Kong Stock Exchange (HKEX) is considering 24-hour trading to enhance its competitiveness and attract international capital [6] - Currently, HKEX operates for only 5.5 hours, which is significantly shorter than other major financial centers [6] - HKEX's trading system is expected to support T+1 settlement by the end of 2025, laying the groundwork for 24-hour trading [6] Group 6: Future Outlook - The implementation of 24-hour trading could enhance market efficiency and attract a broader investor base, particularly younger investors [7] - However, challenges such as potential liquidity issues during off-peak hours and the risk of market manipulation by high-frequency traders must be addressed [7] - The evolution towards 24-hour trading is seen as essential for HKEX to avoid being marginalized in the global market [7]

港交所行政总裁陈翊庭：港交所将研究24小时交易机制。“关于交易时间延长议题，我们注意到纳斯达克拟于2026年下半年实施每周5天24小时交易机制。港交所将秉持审慎渐进原则，在充分借鉴国际同业经验的基础上，结合本地市场实际情况进行研究。该进程需待交易系统升级、风险管理体系完善及监管框架配套成熟后逐步完善。”港交所正积极与市场参与者就缩短现货市场结算周期进行探讨，港交所的技术系统在今年年底前将可以支持T+1结算周期，但市场何时实行T+1结算需要征求多方市场参与者意见。 ...