Shorter settlement cycles can reduce counterparty and market risk, improve capital efficiency and enhance market competitiveness. The transition to T+1 is an important step in modernising Hong Kong’s market infrastructure, ensuring alignment with global market developments and supporting the long-term resilience and attractiveness of Hong Kong’s financial markets.

HKEX is targeting implementation in the second half of 2028, subject to market readiness and regulatory approvals. The final implementation date will be confirmed separately, taking into account testing outcomes, readiness assessments and material implementation considerations.

HKEX's proposed model focuses primarily on post-trade processes. Trade execution arrangements are expected to remain unchanged, while certain operational workflows and timelines across the post-trade lifecycle may be adjusted to support next-day settlement.

Industry engagement remains a key component of the T+1 initiative. Market participants are encouraged to actively participate in industry discussions, share implementation considerations and contribute to the development of market readiness guidance to support a smooth and orderly transition.

HKEX will publish information papers and technical specifications, facilitate industry briefings and working groups, provide structured testing opportunities and conduct readiness assessments. HKEX will also progressively enhance its post-trade infrastructure and develop a targeted workflow tool to support settlement readiness.

The Orion Cash Platform (OCP) forms part of HKEX's market infrastructure modernisation programme. Enhancements under OCP, including post-trade and settlement-related services, will complement the transition to accelerated settlement by supporting greater operational efficiency and facilitating future market developments.

For more information on OCP and the latest updates, please visit the OCP webpage.