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HKEx's Second Phase New Trading Hours to Begin 5 March

Market Operations
01 Mar 2012

Hong Kong Exchanges and Clearing Limited (HKEx) will implement the second phase of the new trading hours for its securities and derivatives markets1 from 5 March (Monday) this year.  The implementation of the second phase of the new trading hours is aimed at aligning the opening of the Hong Kong securities market's afternoon trading session with that of the Mainland market, and further increasing the overall competitiveness of HKEx's markets in the region.

Under the new hours, the continuous trading session of HKEx's securities market will run from 9:30 am to 12:00 noon and then from 1:00 pm to 4:00 pm. The trading hours of HKEx's derivatives markets will also change2.

As a result of the changes, the publication windows for listed issuers to make Listing Rules-related announcements through the HKExnews website3 will also be revised.

HKEx arranged market simulation sessions to assist Exchange Participants and information vendors in verifying their readiness for the second phase of the new trading hours.

Additional information about the second phase of the new trading hours is available in the tables attached below and on the HKEx website.


1. HKEx announced in November 2010 that it will implement the new trading hours in two phases.  Please see the HKEx news release dated 23 November 2010.
2. The trading hours of Gold Futures, HIBOR Futures and Three-Year Exchange Funds Note Futures will remain unchanged.
3. Issuers are required to publish their Listing Rules-related announcements on the HKExnews website.


New trading hours for securities, stock futures and stock options markets


New trading hours
(effective 5 March 2012)
Pre-opening Session1
  • Order input period
  • Pre-order matching period
  • Order matching period
  • Blocking period
Same as current
09:00-09:30 09:00-09:15
Morning Session Same as current 09:30-12:00
Extended Morning Session2 12:00-13:00 12:00-13:30
Afternoon Session 13:00-16:00 13:30-16:00


1. The Pre-opening Session applies to securities market only.
2. The Extended Morning Session is for the trading of Extended Trading Securities which currently include iShares Korea (4362) and iShares Taiwan (4363) only.


New trading hours for index futures and index options markets


New Trading Hours
(effective 5 March 2012)
Pre-market Opening Period1
  • Pre-opening
  • Pre-open Allocation
  • Open Allocation  
  Same as current 08:45-09:15 08:45-09:11
Morning Session2 Same as current 09:15-12:00
Pre-market Opening Period1
  • Pre-opening
  • Pre-open Allocation
  • Open Allocation
12:30-13:00 12:30-12:56
13:00-13:30 13:00-13:26
Afternoon Session 13:00-16:15 13:30-16:15


1. The Pre-market Opening Period applies to the Hang Seng Index, Mini-Hang Seng Index and H-shares Index futures only.
2. The Morning Session of HSI Volatility Index Futures commences at 09:30.

Revised publication windows for issuers' announcements

Revised publication windows
(effective 5 March 2012)
On a normal business day
  • 06:00 to 08:30
  • 12:00 to 12:30
  • 16:15 to 23:00
  • 06:00 to 08:30
  • 12:00 to 13:00
  • 16:15 to 23:00
On the eves of Christmas, New Year and
Lunar New Year when there is
no afternoon session

Same as current
  • 06:00 to 08:30
  • 12:00 to 23:00
On a non-business day preceding a
business day
Same as current
  • 18:00 to 20:00


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).


Updated 01 Mar 2012