Phase 1 effective on 4 August 2025; Phase 2 to be implemented around mid-2026.
The reduction of minimum spreads aims to lower trading costs, improve price discovery and execution efficiency, and enhance global competitiveness.
Final implementation model:
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Phase 1
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Phase 2
|
|
Launch date
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4 August 2025
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Around mid-2026
|
|
Applicable securities
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Equities, Real Estate Investment Trusts (REITs), equity warrants and other Applicable Securities
(excluding Exchange Traded Products (ETPs), debt securities, Exchange Traded Options (ETOs) and Structured Products)
|
|
Spread table changes
|
Price band
|
Original min. spread
|
New min. spread
|
Price band
|
Original min. spread
|
New min. spread
|
|
$10 - $20
|
$0.02
|
$0.01
(-50%)
|
$0.5 - $10
|
$0.01
|
$0.005
(-50%)
|
|
$20 - $50
|
$0.05
|
$0.02
(-60%)
|
|
Reference Materials and Frequently Asked Questions