Trading Arrangement for Securities and Derivatives Markets 
16/08/2013 
 

If a Typhoon Signal or Black Rainstorm Warning has been issued by the Hong Kong Observatory, please refer to news reports through the electronic news media or messages disseminated through HKEx’s market systems on the current signal/warning’s impact on trading. The following features the key trading arrangements during typhoons and black rainstorms for the public’s easy reference.

Securities Market

(a) Typhoon Signal No. 8 (or above) / Black Rainstorm Warning issued before commencement of the Pre-opening Session (The text in all cells should be read together with the text in the first cell of the first column.)

If the signal/warning is issued before the commencement of the Pre-opening Session AND:

Typhoon Signal No. 8 or above

Black Rainstorm

Signal/warning discontinued  at or before 7:00 am

Trading will take place as usual.

Signal/warning discontinued  after 7:00 am and at or before 9:00 am

The Pre-opening Session will be cancelled. The Morning Session will begin on the first half hour at least two hours after the discontinuation of the signal/warning. 

(Examples: If the signal/warning is discontinued at 7:15 am, the Morning Session will begin at 9:30 am.  If the signal/warning is discontinued at 7:30 am, the Morning Session will begin at 9:30 am.)

Signal/warning discontinued after 9:00 am and at or before 11:00 am

The Pre-opening Session and the Morning Session will be cancelled.   The Afternoon Session will take place as usual at 1:00 pm.

Signal/warning discontinued after 11:00 am and at or before 11:30 am

The Pre-opening Session and the Morning Session will be cancelled.  The Afternoon Session will begin at 1:30 pm.

Signal/warning discontinued after 11:30 am and at or before 12:00 noon The Pre-opening Session and the Morning Session will be cancelled.  The Afternoon Session will begin at 2:00 pm.
Signal/warning lowered after 12:00 noon No trading for the day.


(b)

Typhoon Signal No. 8 (or above) / Black Rainstorm Warning issued during the Pre-opening Session

 

 

Typhoon Signal No. 8 or above

Black Rainstorm

If the signal/warning is issued during the Pre-opening Session

 

Trading in the securities market will be terminated at the end of the Pre-opening Session.

Please refer to Table (a) above for resumption of trading after the signal is discontinued.

If there was trading before issuance of the warning, trading will continue until the market close as scheduled. 

If there was no trading before the issuance of the warning, trading will resume after the warning is discontinued.  For detailed arrangements, please refer to Table (a) above.

 

(c) Typhoon Signal No. 8 (or above) / Black Rainstorm Warning issued during the continuous trading sessions (ie Morning Session and Afternoon Session) and the lunch break

Typhoon Signal No. 8 or above

Black Rainstorm

If the signal/warning is issued during the continuous trading sessions and the lunch break

Trading will be terminated in 15 minutes.

Please refer to Table (a) above for resumption of trading after the signal is discontinued.

If there was trading before issuance of the warning, trading will continue until the market close as scheduled. 

If there was no trading before the issuance of the warning, trading will resume after the warning is discontinued.  For detailed arrangements, please refer to Table (a) above.

 

Derivatives Market

These tables should be read in their entirety.  Boxes/columns/rows should not be read separately.    

 

(a) Typhoon Signal No. 8 (or above) / Black Rainstorm Warning issued before commencement of the morning pre-market-opening period

 

If the signal/warning is issued before the commencement of the pre-market-opening period AND:

Typhoon Signal No. 8 or above

Black Rainstorm

Signal/warning remains after 6:30 am and
at or before 7:15 am

The HIBOR, Three-year EFN and gold futures markets have a delayed open and trading will begin two hours~ after the discontinuation of the signal/warning.

Signal/warning remains at or after 7:15 am

All stock index futures^ and stock index options markets have a delayed open and trading will begin two hours~  after the discontinuation of the signal/warning*. 

Signal/warning remains at or after 7:30 am

The stock futures and stock options markets, and the HSI Volatility Index Futures have a delayed open and trading will begin two hours~ after the discontinuation of the signal/warning.

Signal/warning discontinued at or before 9:00 am

No morning trading and the afternoon trading sessions will begin two hours~ * after the discontinuation of the signal/warning, but there will be no morning trading session for HIBOR and Three-year EFN futures if the signal/warning is discontinued after 8:30 am.

Signal/warning discontinued after 9:00 am and at or before 11:00 am

No morning trading and the afternoon trading sessions begin at 1:00pm*+.

Signal/warning discontinued after 11:00 am and at or before 11:30 am

No morning trading and the afternoon trading sessions will begin at 1:30pm*.

Signal/warning discontinued after 11:30 am and at or before 12:00 noon No morning trading and the afternoon trading sessions will begin at 2:00 pm*.

Signal/warning remains after 12:00 noon / discontinued after 12:00 noon

No trading for the day, including After-Hours Futures Trading.  If the signal/warning is discontinued after 5:00pm, no Special Trading Session for HIBOR and Three-year EFN futures if one had been declared.

^ Except HSI Volatility Index Futures.

~

Trading will begin on the first half hour at least two hours after the discontinuation of the signal/warning. 

* For those futures contracts to which the pre-market-opening period applies, a pre-market-opening period will begin 30 minutes before the indicated time for commencement of trading. 
+ Gold futures are traded 8:30 am - 5:00 pm without lunch break.  Trading begins two hours after the discontinuation of the signal/warning.


(b) Typhoon Signal No. 8 (or above) / Black Rainstorm Warning is issued during the morning pre-market-opening period/trading session

 

 

Typhoon Signal No. 8 or above

Black Rainstorm

If the signal/warning is issued during the pre-market-opening period

All order activity will be terminated as practically as possible and no trade will be novated.

 

 

In general, if there was trading before the issuance of the warning, trading will continue as usual.  If there was no trading before the issuance of the warning, there will be no trading until after the warning is discontinued and no trading for the day if the discontinuation is after 12 noon~. 

If the signal/warning is issued during the morning trading session

Trading will be terminated in 15 minutes.

 

If there was trading before the issuance of the warning, trading will continue as usual. 

If there was no trading activity before the issuance of the warning, there will be no trading until after the warning is discontinued and no trading for the day if the discontinuation is after 12 noon.  There will be an afternoon session if the warning is discontinued at or before 12 noonThe afternoon session*+ will begin:

  • at 1:00 pm if the warning is discontinued at or before 11:00 am;
     
  • at 1:30 p.m. if the warning is discontinued at or before 11:30 am; or
     
  • at 2:00 pm if the warning is discontinued at or before 12:00 noon.

~

For detailed arrangements, please refer to the rules of Hong Kong Futures Exchange Limited.

*

For those contracts to which the pre-market-opening period applies, the pre-market-opening period will begin 30 minutes before the indicated time for commencement of trading.

+ Gold futures are traded 8:30 am - 5:00 pm without lunch break.  Trading begins two hours after the discontinuation of the signal/warning.
 

 

For more details about the trading, clearing and settlement arrangements during typhoons and black rainstorms, please refer to the rules and procedures at the following links:

Securities trading
http://www.hkex.com.hk/eng/rulesreg/traderules/sehk/documents/chap-5_eng.pdf (Rule 571)

Stock options trading
http://www.hkex.com.hk/eng/rulesreg/traderules/otp/documents/chap01.pdf (Section 1.8)

Futures and index options trading
http://www.hkex.com.hk/eng/rulesreg/traderules/hkfe/dervrule/FE-IX.pdf (Rule 902)

HIBOR futures trading
http://www.hkex.com.hk/eng/rulesreg/traderules/hkfe/documents/hibor-tp.pdf (Section 5.1)

Three-Year Exchange Fund Note futures trading
http://www.hkex.com.hk/eng/rulesreg/traderules/hkfe/documents/efn-trading.pdf (Section 5.1)

Gold futures trading
http://www.hkex.com.hk/eng/rulesreg/traderules/hkfe/documents/mtl-tp.pdf (Section 4.1)

Securities clearing
http://www.hkex.com.hk/eng/rulesreg/clearrules/ccassop/documents/sec17.pdf (Section 17)

Stock options clearing
http://www.hkex.com.hk/eng/rulesreg/clearrules/ocp/documents/chap15.pdf (Chapter 15)

Futures and index options clearing
http://www.hkex.com.hk/eng/rulesreg/clearrules/hkcc/documents/cc-viii.pdf (Chapter 8)