HKEx Orion: Leading Hong Kong’s Next Transformation
Hong Kong Exchanges and Clearing Limited (HKEx) has announced today (Wednesday) the launch of “HKEx Orion”, a transformative programme of technology initiatives that will elevate Hong Kong’s position on the world’s financial stage.
Designed to revolutionise HKEx’s core trading platforms, the HKEx Orion programme will deliver connectivity networks, a state-of-the-art data centre and systems providing order matching, market data dissemination and market access services. The new infrastructure and platforms will be implemented in stages over the next three years to incrementally transform the market. Including the next generation data centre and hosting services initiatives that are already underway, HKEx is investing approximately $3 billion (US$380 million) in the HKEx Orion programme.
“Hong Kong is part of a global and very competitive financial system, and technology drives financial markets," said Charles Li, HKEx Chief Executive. “HKEx is investing in technology initiatives to ensure Hong Kong retains and strengthens its position as a leading financial centre. This investment will enable us to face increasing competition from other exchanges in Asia and around the world, and will be a platform to drive our future growth. We also aim to create an environment where brokers, technology suppliers, information vendors and network service providers can gain synergies and efficiencies by working together in an efficient ecosystem.”
“The HKEx Orion concept was created to ensure these initiatives are seen as a cohesive programme, delivering incremental benefits as they are progressively rolled out over the next two years,” said Julian Ragless, HKEx Senior Vice President of Platform Development & Strategy. “It is a significant investment which demonstrates HKEx’s commitment to building Hong Kong’s competitiveness.”
Initiatives scheduled for deployment in 2012 are an upgraded network, SDNet/2, providing high speed access to HKEx’s core platforms, and Hosting Services from HKEx’s new state-of-the-art data centre. New market data services will be rolled out in 2013, with other platforms to follow.
HKEx Hosting Services to Deliver Highest Capacity of any Exchange in Asia-Pacific
The Hosting Services, to be launched at the end of 2012, will allow participants to co-locate their systems next to HKEx’s core platforms to provide access with the lowest possible latency.
“We are also emphasising the community aspects of Hosting Services,” said Jonathan Leung, HKEx Vice President and Head of Hosting Services. “Our data centre is the first to be built to tier-4 standards by any exchange in Asia-Pacific, and we are adopting a very open and inclusive approach to its usage. Our aim is to build a strong financial ecosystem within the facility to create new opportunities for all participants, including information vendors, technology suppliers and network service providers, and further develop our markets.”
The data centre can support up to 1,200 racks with a total power load of 8MW, making it the highest capacity service offered by any exchange in Asia-Pacific.
To enable Exchange Participants (EPs) with fewer technical and footprint requirements than others to benefit from its Hosting Services, HKEx will offer an entry level package and waive service fees for seven months over a 24-month contract period. EPs which migrate from trading terminals will be given an additional three months’ waiver.
Additional information about the new technology initiatives and hosting services is available at: www.hkex.com.hk/Orion.
Questions and Answers on the HKEx Orion Programme
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