Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is considering a 24-hour trading mechanism in response to global competition and market trends, particularly observing Nasdaq's plans for implementation in 2026 [1] Group 1: Strategic Investments - 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 company is committed to increasing capital expenditure in these areas without hesitation [1] Group 2: Trading Hours Extension - The discussion around extending trading hours is ongoing, with HKEX adopting a cautious and gradual approach [1] - The company plans to study the implementation of a 24-hour trading mechanism by learning from international peers while considering local market conditions [1] Group 3: Settlement Cycle - HKEX is actively engaging with market participants to explore shortening the settlement cycle for the cash market [1] - The technical systems are expected to support a T+1 settlement cycle by the end of this year, although the actual implementation will depend on feedback from various market participants [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue for the first half of 2025, achieving HKD 14.076 billion, which represents a year-on-year growth of 33% [1]. Group 1: Financial Performance - HKEX's total revenue for the first half of 2025 reached HKD 14.076 billion, marking a 33% increase compared to the previous year [1]. Group 2: Strategic Initiatives - The CEO of HKEX, Charles Li, emphasized the importance of strategic investments in areas such as data platform optimization and trading settlement system upgrades to maintain global competitiveness [3]. - HKEX is committed to a collaborative development approach involving investors, enterprises, products, infrastructure, and technology [3]. Group 3: Market Adaptation - In response to the market's interest in extended trading hours, HKEX is studying the implementation of a 24-hour trading mechanism, similar to Nasdaq's plans for 2026, while ensuring a cautious and gradual approach [3]. - HKEX has validated the stability of its trading and settlement systems during adverse weather conditions, maintaining an average daily trading volume of over HKD 200 billion during recent severe weather events [3]. Group 4: Settlement Cycle - HKEX is actively discussing with market participants the possibility of shortening the settlement cycle for the cash market, with the technical systems ready to support a T+1 settlement cycle by the end of this year [3].

Core Viewpoint - 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 [2] Group 1: Trading Mechanism and Market Adaptation - HKEX is considering a 24-hour trading mechanism in response to Nasdaq's plans for a similar system in 2026, emphasizing a cautious and gradual approach based on local market conditions and international best practices [2] - The implementation of a 24-hour trading system will depend on the upgrade of trading systems, improvement of risk management frameworks, and maturity of regulatory structures [2] Group 2: Infrastructure Resilience and Settlement Cycle - Since the implementation of the adverse weather trading mechanism, HKEX's trading and settlement systems have demonstrated stability, with average daily trading volume exceeding HKD 200 billion during recent adverse weather events [3] - HKEX is actively discussing the possibility of shortening the settlement cycle for the cash market, with technical systems expected to support a T+1 settlement cycle by the end of this year, pending feedback from market participants [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 - Hong Kong Exchanges and Clearing Limited (HKEX) emphasizes its commitment to strategic investments to maintain global competitiveness, particularly in enhancing data platforms and upgrading trading and settlement systems [1] Group 1: Strategic Investments - HKEX's CEO, Charles Li, stated that the company will not hesitate to increase capital expenditures to optimize data platforms and upgrade trading and settlement systems [1] Group 2: Trading Hours and Market Adaptation - In response to discussions about extending trading hours, HKEX is considering a cautious and gradual approach, taking into account international peers' experiences and local market conditions [1] - The implementation of extended trading hours will depend on the upgrade of trading systems, improvement of risk management frameworks, and maturity of regulatory structures [1] Group 3: Settlement Cycle Discussions - HKEX is actively engaging with market participants to explore 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 actual implementation will require feedback from various market participants [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]

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。 ...

Group 1 - The core viewpoint of the article emphasizes the Hong Kong Stock Exchange's commitment to strategic investments to maintain global competitiveness, particularly in optimizing data platforms and upgrading trading and settlement systems [1] - The CEO of the Hong Kong Stock Exchange, Charles Li, addressed the topic of extending trading hours, noting that the exchange will adopt a cautious and gradual approach, learning from international peers while considering local market conditions [1] - The Hong Kong Stock Exchange is actively discussing shortening the settlement cycle for the cash market, with its technical systems expected to support a T+1 settlement cycle by the end of this year, although the implementation will depend on feedback from market participants [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is initiating discussions to shorten the settlement cycle for the stock market to T+1, aiming to enhance market efficiency and align with international standards [1][2] Group 1: HKEX's Proposal - HKEX released a discussion paper on July 16 regarding the shortening of the settlement cycle to T+1, seeking consensus with industry participants [1] - The transition to T+1 is expected to improve market efficiency and reduce systemic risk, while also aligning Hong Kong's market with other international markets [2] Group 2: Role of Regulatory Bodies - The Hong Kong Monetary Authority (HKMA) emphasized the crucial role of banks in facilitating the transition to T+1 and has urged recognized institutions to prepare for the change [1] - Recognized institutions have indicated their readiness based on experiences from markets that have already implemented T+1 or T+0 settlement cycles [1] Group 3: Preparations and Considerations - Recognized institutions are advised to consider the impact of accelerated settlement on their operations, liquidity, and service to clients, particularly international investors [1] - Sufficient resources should be allocated to enhance operations, systems, and infrastructure in preparation for the shorter settlement cycle [1] - The HKMA will continue to monitor market developments and provide further guidance to support the transition to T+1 when appropriate [1]

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].