Investor Identification Regime at Trading Level for the Exchange-Traded Derivatives Market in Hong Kong
On 23 June 2026, the Securities and Futures Commission (SFC) published its consultation conclusions confirming the implementation of a trading-level investor identification regime for the derivatives market in Hong Kong (HKIDR‑DM), following the successful rollout of the securities market regime (HKIDR‑S) in 2023. The implementation of HKIDR‑DM is intended to align with the rollout of the Orion Derivatives Platform (ODP), presently targeted for the second quarter of 2028, subject to market readiness and regulatory approval.
The operational logistics of HKIDR‑DM are largely aligned with the practices under HKIDR‑S. Under HKIDR‑DM, orders submitted or arranged to be submitted to ODP‑Trading (ODP‑TR) for execution must include an identification code, namely the Broker‑to‑Client Assigned Number (BCAN), which is assigned by the Relevant Regulated Intermediaries. The regime aims to enhance market surveillance, thereby strengthening investor protection.
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