HKEX to Launch Master SPSA Service on 10 July

Mutual Market
09 Jul 2020

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today that it will launch the Master Special Segregated Account (Master SPSA) service on 10 July 2020, as part of its latest service enhancement to support Stock Connect, HKEX’s landmark mutual market access programme with the Shanghai and Shenzhen stock exchanges.

The new optional service will facilitate more efficient pre-trade checking of Northbound sell orders and average pricing execution at the fund manager level.

“As a service enhancement to support Stock Connect, Master SPSA aims to address the market demand for more efficient pre-trading checking and provide added benefit and convenience for institutional investors and market participants,” said HKEX’s Head of Markets Wilfred Yiu.

“HKEX is committed to investing in the further development of Stock Connect and related services, as we make our markets even more attractive and competitive for our global clients,” he said.

Under Stock Connect, China A shares must be available for pre-trade checking before they can be sold.  Accordingly, HKEX has built a robust pre-trade checking mechanism for Northbound trading.

The original SPSA service was set up in 2015 for institutional investors to satisfy this requirement, removing the need to transfer shares they control to executing brokers prior to a sale. 

The Master SPSA service is an enhancement to the existing SPSA service to allow pre-trade checking to be conducted at a fund manager, or aggregate level, to help increase their operational efficiencies while maintaining the same post-trade settlement processes at the individual SPSA level for consistency.

Details of the Master SPSA service are available on the HKEX website.


About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is one of the world’s major exchange groups, and operates a range of equity, commodity, fixed income and currency markets.  HKEX is the world’s leading IPO market and as Hong Kong’s only securities and derivatives exchange and sole operator of its clearing houses, it is uniquely placed to offer regional and international investors access to Asia’s most vibrant markets.

HKEX is also the global leader in metals trading, through its wholly owned subsidiaries, The London Metal Exchange (LME) and LME Clear Limited.  This commodity franchise was further enhanced with the launch of Qianhai Mercantile Exchange (QME), in China, in 2018.

HKEX launched the pioneering Shanghai-Hong Kong Stock Connect programme in 2014, further expanded with the launch of Shenzhen Connect in 2016, and the launch of Bond Connect in 2017. 




Updated 09 Jul 2020