HKEx News Release 
24/01/2011 
 
 

HKEx Receives Approval to Extend its Trading Hours from 7 March

 

Hong Kong Exchanges and Clearing Limited (HKEx) announced today (Monday) that it has received approval from the Securities and Futures Commission to extend the trading hours of its securities and derivatives markets in two phases as planned. 

Starting on 7 March this year (the first Monday of the month), the trading sessions of HKEx’s securities market will start earlier and run from 9:30 am to 12:00 noon and then from 1:30 pm until 4:00 pm.  Beginning on 5 March 2012 (also the first Monday of the month), the afternoon trading session will be from 1:00 pm until 4:00 pm.  Trading in HKEx’s derivatives markets1 and the auction sessions of the securities and derivatives markets will also start earlier from 7 March.  Please refer to Tables 1 and 2 attached to this news release for details. 

Revised publication windows for issuers’ announcements through the HKExnews website

As a result of the extension of trading hours, the publication windows for listed issuers to make Listing Rules-related announcements through the HKExnews website2 will be revised.  From 7 March this year, the morning window will be between 6:00 am and 8:30 am on normal business days, while the window during the lunch break will be between 12:00 noon and 1:00 pm during phase one of the extension and between 12:00 noon and 12:30 pm after phase two begins.  The window in the evening will continue to be between 4:15 pm and 11:00 pm.  Details of the revised publication windows are set out in Table 3 attached to this news release.

Market simulation sessions for EPs

Implementation of the extension of trading hours will not require any structural changes to market systems as changes to trading hours occur from time to time due to typhoons and black rainstorms.  However, as a prudent measure, HKEx will offer optional market simulation sessions next month to assist Exchange Participants (EPs) in verifying their operations before the phase one extension.  EPs will be informed of the detailed arrangements of the simulation sessions through circulars that will be issued after the close of trading today.

HKEx believes the extension of trading hours will improve the price discovery function for Mainland-related securities listed in Hong Kong by increasing the overlap of its trading hours with the Mainland exchanges’ trading hours.  HKEx also believes the changes will strengthen its competitiveness by narrowing the gaps between its trading hours and those of its regional competitors. 

Notes:
1.        Derivatives market refers to HKEx’s stock futures, stock options, index futures and index options markets.
2.        Issuers are required to publish their Listing Rules-related announcements on the HKExnews website.  

 

Table 1: Extended trading hours for securities, stock futures1 and stock options1 markets 

 

 

Current

Phase 1
(1.5-hour lunch break)
(effective
7 March 2011)

Phase 2
(1-hour lunch break)(effective 5 March 2012)

Pre-opening Session2 

  • Order input period
  • Pre-order matching period
  • Order matching period
  • Blocking period

09:30-10:00

09:30-09:45
09:45-09:50
09:50-09:58
09:58-10:00

09:00-09:30

09:00-09:15
09:15-09:20
09:20-09:28
09:28-09:30

Same as Phase 1

Morning Session

10:00-12:30

09:30-12:00

Same as Phase 1

Extended Morning Session3

12:30-14:30

12:00-13:30

12:00-13:00

Afternoon Session

14:30-16:00

13:30-16:00

13:00-16:00

Notes:

1 Exchange Participants may amend, cancel or deactivate orders 30 minutes before the opening of the morning and afternoon sessions of the stock futures and stock options markets.
2 The Pre-opening Session applies to securities only.
3 The Extended Morning Session is for the trading of Extended Trading Securities which currently include iShares Korea (4362) and iShares Taiwan (4363) only.

Table 2: Extended trading hours for index futures and index options markets

 

Current

Phase 1
(effective 7 March 2011)

Phase 2
(effective 5 March 2012)

 Pre-market Opening Period*

  • Pre-Opening
  • Pre-Open Allocation
  • Open Allocation

09:15-09:45

09:15-09:41
09:41-09:43
09:43-09:45

08:45-09:15

 08:45-09:11
09:11-09:13
09:13-09:15

Same as Phase 1

 Morning Session

09:45-12:30

09:15-12:00

Same as Phase 1

 Pre-market Opening Period*

  • Pre-Opening
  • Pre-Open Allocation
  • Open Allocation

14:00-14:30

14:00-14:26
14:26-14:28
14:28-14:30

13:00-13:30

13:00-13:26
13:26-13:28
13:28-13:30

12:30-13:00

12:30-12:56
12:56-12:58
12:58-13:00

 Afternoon Session

14:30-16:15

13:30-16:15

13:00-16:15

*   The Pre-market Opening Period applies to the Hang Seng Index, Mini-Hang Seng Index and H-shares Index futures only.

Table 3: Revised publication windows for issuers’ announcements

Current

Phase 1
(effective
7 March 2011)

Phase 2
(effective
5 March 2012)

On a normal business day:

  • 06:00 to 09:00
  • 12:30 to 14:00
  • 16:15 to 23:00
  • 06:00 to 08:30
  • 12:00 to 13:00
  • 16:15 to 23:00
  • 06:00 to 08:30
  • 12:00 to 12:30
  • 16:15 to 23:00

On the eves of Christmas, New Year and Lunar New Year when there is no afternoon session:

  • 06:00 to 09:00
  • 12:30 to 23:00
  • 06:00 to 08:30
  • 12:00 to 23:00
  • 06:00 to 08:30
  • 12:00 to 23:00

On a non-business day preceding a business day:

  • 18:00 to 20:00
  • 18:00 to 20:00
  • 18:00 to 20:00

Note:
The operating hours of the e-Submission System, an electronic system for issuers to submit Listing Rules-related announcements through the HKExnews website, will remain unchanged (ie between 06:00 and 23:00 on a business day; between 18:00 and 20:00 on a non-business day immediately preceding a business day).

 

Ends