Volatility Control Mechanism (VCM) 

The Volatility Control Mechanism (VCM) in the securities market and the derivatives market was launched on 22 August 2016 and 16 January 2017 respectively.  The initiative represents the major microstructure upgrades for the securities and derivatives markets in the short to medium term to enhance HKEX’s overall competitiveness.  This page focuses on implementation details for the derivatives market.

Overview of VCM and Tentative Timeline
Consultation Conclusions
Frequently Asked Questions
Trading Mechanism of Volatility Control Mechanism (VCM) in the Derivatives Market
VCM Microsite
Circulars
End of Stabilisation Period for Volatility Control Mechanism (“VCM”) in Derivatives Market
Launch of Volatility Control Mechanism (“VCM”) in Derivatives Market
Launch of Volatility Control Mechanism (“VCM”) in Derivatives Market
Tentative Launch Date for Volatility Control Mechanism (“VCM”) in Derivatives Market
Market Rehearsal and Briefing Session for the Implementation of the Volatility Control Mechanism (“VCM”) in Derivatives Market
OMnet Application Programming Interface (“OAPI”) Testing Environment for the Implementation of Volatility Control Mechanism (“VCM”) in Derivatives Market
Appendix 1 : Request for OAPI Verification Test
Web Corner and Briefing Sessions for the Introduction of Volatility Control Mechanism
HKEx Decides to Introduce Volatility Control Mechanism and Closing Auction Session
Technical Documents
OAPI Technical Documentations
Other References
Briefing Sessions for the “Implementation of Volatility Control Mechanism (VCM) in Derivatives Market and Market Rehearsal” (Sep 2016)
Presentation by HKEX Head of Markets Roger Lee at a Media Workshop on Closing Auction Session (CAS) and Volatility Control Mechanism (VCM)
Briefing Sessions for the ”Implementation of Closing Auction Session and Volatility Control Mechanism” (May 2016)
Briefing Sessions for the “Implementation Details of Volatility Control Mechanism and Closing Auction Session” (Aug and Sep 2015)
Consultation Paper
News Release: HKEx Decides to Introduce Volatility Control Mechanism and Closing Auction Session
Email Contact for Enquiries : ClickSupport@hkex.com.hk