The Stock Exchange of Hong Kong today (Tuesday) introduced its AMS/3 market readiness programme.
AMS/3 will be introduced in the second quarter of next year. It is the third generation of the Exchange’s Automatic Order Matching and Execution System (AMS), introduced in 1993. AMS was upgraded in 1996 with the introduction of off-floor trading terminals.
Roger Lee, director of Trading and Information Services, told a news conference that all brokers would enjoy easy access to AMS/3, which aimed to meet different market needs. “These include multiple products and markets, multiple trading methods, and flexible connection to broker offices,” Mr Lee said. “It will also support connectivity to investors through the Internet and by mobile telephone.
“AMS/3 will increase the competitiveness of theHong Kong market and position the Exchange to meet diverse market needs, and be capable of future expansion.
“It is based on the existing order-driven auto-matching mechanism but will also accommodate different order types, including single price auction, and response to quote request market making.
“Brokers will be able to choose their method of access to AMS/3 -- through trading terminal, Multi work-station, and Open Gateway which supports Broker Supplied Systems. AMS/3 will also support routing of investor orders to designated brokers collected through the Internet or by mobile telephone.
“Functions and features will be implemented by product group to meet market needs and readiness. The system’s open platform and modular design will enable it to be expanded to support new products and functions.
“The Exchange will have completed system development and testing by the final quarter of this year. Integration testing, broker rehearsal, market-wide testing and infrastructure set-up will be completed in the second quarter of next year when phased roll-out to ensure smooth migration to the new system will begin,” Mr Lee said.
He said the Exchange was keen to work with the market, in particular the brokers, to ensure market readiness and successful migration to AMS/3.
“Brokers should consider their choice of access to the system (Terminal, Multi-workstation and Open Gateway). The Exchange will work closely with them and provide training and support, as required,” Mr Lee said.
Corporate Communications Department