The Stock Exchange of Hong Kong will introduce the first batch of Broker Supplied Systems (BSS) of AMS/3, the Third Generation Automatic Order Matching and Execution System, on 10 November (Friday).
Thirty-four Exchange Participants have confirmed their systems and operations are ready for the rollout.
BSS are trading facilities developed by Exchange Participants or vendors that enable Exchange Participants to provide electronic trading services to investors through the Internet, mobile phones, and other electronic channels.
About half of the 34 Exchange Participants said they would accept investors' orders through the Internet, mobile phones or other electronic channels connecting to BSS at the date of launch, while others might provide fully electronic securities trading services at a later date. Investors should note that the service levels of different BSS brokers may vary and should enquire with their own brokers about the service levels.
The Stock Exchange has required all BSS brokers to develop contingency plans in the event of BSS failure and Exchange Participants are responsible for informing their clients of trading arrangements if their system fails.
A list of Exchange Participants who have declared their BSS and operations are ready for rollout is enclosed for your reference.
The Stock Exchange is launching AMS/3 in phases. All on-floor and off-floor trading terminals were converted to AMS/3 trading terminals on 23 October. Pilot Multi-workstation Systems were also introduced on 23 October. The Order Routing System (ORS) developed by the Stock Exchange to take investors' orders through electronic channels is expected to be introduced early next year.
As a prudent measure, the Stock Exchange has developed contingency plans and in the event of an AMS/3 primary system failure trading will be conducted through the AMS/3 backup system. However, the arrangements for falling back from AMS/3 to AMS/2 are no longer needed as the two-week AMS/3 stabilisation period has ended.
Broker Supplied Systems (BSS)
List of Exchange Participants to launch BSS on 10 November 2000