HKATS, the Hong Kong Futures Automated Trading System, experienced a temporary interruption from 16:11 to 16:20 and resumed normal operations thereafter.
Trading in the following products had been interrupted during that period:
- Hang Seng Index (HSI) Futures and Options
- Mini-HSI Futures and Options
- Hong Kong Interbank Offered Rate (HIBOR) futures
- 3-year Exchange Fund Notes Futures
- MSCI China Free Index (CFI) Futures
- Dow Jones Industrial Average Futures
- International Stock Futures and Options
Trading of local stock futures and options was not affected as trading of these products closed at 16:00.
In accordance with the contingency procedures agreed with the market, trading of the futures and options products (HSI Futures and Options, Mini-HSI Futures and Options, MSCI CFI Futures and Dow Jones Industrial Average Futures), which normally closes at 16:15, was not resumed.
Trading in HIBOR Futures, 3-year Exchange Fund Notes Futures and International Stock Futures and Options was resumed at 16:20 and the market for these products closed at 17:00 as normal.
The above-mentioned contingency procedures were announced to the market on 31 July 2002.
Trading of all futures and options contracts will open as normal tomorrow (Thursday).
During the interruption of HKATS services, the operations of HKFE Clearing Corporation (HKCC) and SEHK Options Clearing House were not affected.
Today was the last trading day or expiry day of several contracts including HSI Futures and Options, Mini-HSI Futures and Options and MSCI CFI Futures. The final settlement prices for the spot month futures and options were calculated in accordance with normal procedures and practices and were not affected.
Closing quotations for the distant month futures and options contracts were calculated according to the Rules and Procedures of HKCC.
Hong Kong Exchanges and Clearing Limited and OM Gruppen AB, the HKATS system supplier and maintenance vendor, in Stockholm, are investigating the incident.