Self-Match Prevention (“SMP”) is a free and optional service for market participants (i.e. exchange participants and/or their clients) to avoid inadvertent self-trades at exchange level.  SMP was available in derivatives market since 2019 (“HKATS Username- based SMP”).  Market participants (i.e. exchange participants and/or their clients) who enable HKATS Username-based SMP for specific HKATS Username(s), orders from such HKATS Username(s) will not be matched with other orders within the same HKATS Customer Code by cancelling the aggressive orders.

Hong Kong Exchanges and Clearing Limited (“HKEX”) plans to enhance the SMP service and will provide a new SMP model (“ID-based SMP”) in the derivatives market in Q2 2024, subject to market readiness and regulatory approval.

Key features of the new model include, i) introduction of SMP ID as identifier for triggering SMP; ii) cancel aggressive and cancel passive as the order cancellation methods; iii) multi-broker model

Reference Materials 

• Webinar (PDF / Video)
• FAQ on SMP
• Information of HKATS Username –based SMP (HKATS User’s Guide 4.10)
• Applications form for HKATS Username – based SMP
• SMP Enhancements Overview

Circular

• Enhancements on Self-Match Prevention Service in Derivatives Market (Aug 2023)
• Webinars on Self-Match Prevention (SMP) Services in the Derivatives and Securities Market (Sep 2023)
• Market Readiness Preparation for Self-Match Prevention (SMP) Service in the Derivatives Market (Mar 2024)

Technical Documents

The updated information on enhanced SMP function can be found here in the OAPI Technical Documents:

• Highlight of Changes of OAPI Client Application Development in Genium Dec 2023 v1.18
• NDAQ OMN Interface MessRef HKEX va4 SMP2024Q2