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

Securities trading
http://www.hkex.com.hk/rule/exrule/chap-5_eng.pdf (Rule 571)

Stock options trading
http://www.hkex.com.hk/rule/optradproc/CHAP01.pdf (Section 1.8)

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

HIBOR futures trading
http://www.hkex.com.hk/rule/dervrule/HIBOR-TP.pdf (Section 5.1)

Three-Year Exchange Fund Note futures trading
http://www.hkex.com.hk/rule/dervrule/EFN-Trading.pdf (Section 5.1)

Securities clearing
http://www.hkex.com.hk/rule/ccassoptpcd/SEC17.DOC (Section 17)

Stock options clearing
http://www.hkex.com.hk/rule/opclrproc/CHAP15.pdf (Chapter 15)

Futures and index options clearing
http://www.hkex.com.hk/rule/futrule/CC-VIII.pdf (Chapter 8)       

Signal/warning issued after commencement of pre-opening/trading sessions

Typhoon Signal No. 8

The general rule is trading in the securities and derivatives markets will be suspended 15 minutes after Typhoon Signal No. 8 (or above) is issued.  The general rule does not apply in the scenarios outlined below: 

Securities Market

	If Typhoon Signal No. 8 (or above) is issued during the pre-opening session for the securities market, trading will be terminated at the end of the pre-opening session.
	If Typhoon Signal No. 8 (or above) is issued at or after 3:45 p.m. on a normal trading day (or at or after 12:15 p.m. on a half-day trading day) or during Closing Auction Session, trading of the securities market will continue until the end of Closing Auction Session.

Derivatives Market

	If Typhoon Signal No. 8 (or above) is issued during the pre-market-opening session for those futures contracts to which the pre-market-opening sessions apply, all order activity will be terminated as practically as possible and no trade will be novated.
	If Typhoon Signal No.8 (or above) is issued at or after 3:45 p.m. but before 4:00 p.m. on a normal trading day, trading of stock index futures and options (SIFO) contracts will be terminated at 4:15 p.m. (On a half-day trading day, if issued at or after 12:15 p.m. but before 12:30 p.m., trading of SIFO contracts will be terminated at 12:45 p.m..)

Black Rainstorm Warning

All trading for the day will continue as scheduled if a Black Rainstorm Warning is issued after commencement of the pre-opening sessions in the securities market and derivatives market.

If a Black Rainstorm Warning is issued after 8:30am and before the commencement of the pre-opening sessions, trading in HIBOR and Three-year EFN futures will continue, while the pre-opening session for the securities market will be cancelled, and the morning trading sessions for both securities and derivatives markets will be delayed. For those futures contracts to which the pre-market-opening sessions apply, a pre-market-opening session will commence 30 minutes before the indicated time for the resumption of trading.

Black rainstorm warning issued during lunch break

If there was trading in the morning sessions, all trading will continue until market close as scheduled. There will be no trading in the afternoon sessions and Closing Auction Session only if there was no trading in the morning sessions + of the securities and derivatives markets. (+including the extended morning trading session of the securities market)

Signal/warning issued before commencement of pre-opening sessions

The following table describes the impact of Typhoon Signal No. 8 (or above)/ Black Rainstorm Warning on trading if the signal/warning is issued by the Hong Kong Observatory before the commencement of the pre-opening sessions. 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 sessions AND:	Typhoon Signal No. 8 or above	Black Rainstorm
Signal/warning remains after 6:30am	The HIBOR and Three-year EFN futures markets have a delayed open	The HIBOR and Three-year EFN futures markets have a delayed open
Signal/warning remains after 7:30am	Pre-opening session for the securities market is cancelled	Pre-opening session for the securities market is cancelled
Signal/warning remains after 7:45am^	All stock index futures and options markets have a delayed open	All stock index futures and options markets have a delayed open
Signal/warning remains after 8:00am	The continuous trading sessions of the securities and derivatives markets have a delayed open*	The continuous trading sessions of the securities and derivatives markets have a delayed open*
Signal/warning lowered after 8:30am and at or before 9:30am	The continuous trading sessions of all markets resume in two hours* but no morning trading session for HIBOR and Three-year EFN futures	The continuous trading sessions of all markets resume in two hours* but no morning trading session for HIBOR and Three-year EFN futures
Signal/warning lowered after 9:30am and at or before 12:00 noon	The continuous trading sessions of all markets resume from 2:30 pm*, except HIBOR and Three-year EFN futures' afternoon trading session which will open at 1:30 pm if the signal is lowered at or before 11:30 am; and will open at 2:00 pm if the signal is lowered after 11:30 am and at or before 12:00 noon	The continuous trading sessions of all markets resume from 2:30 pm*, except HIBOR and Three-year EFN futures' afternoon trading session which will open at 1:30 pm if the warning is lowered at or before 11:30 am; and will open at 2:00 pm if the warning is lowered after 11:30 am and at or before 12:00 noon
Signal/warning remains after 12:00 noon / lowered after 12:00 noon	All markets have no trading for the day#	All markets have no trading for the day#

For more details about the securities and derivatives clearing and settlement services during typhoons and black rainstorms, please refer to the separate information available at
http://www.hkex.com.hk/tradinfo/typhoon/typhoon_situation.htm.