Orion Cash Platform

Overview

As part of our technology advancement journey, OCP (Orion Cash Platform), HKEX’s cash market platform, is undergoing a series of enhancements released in phases that are aimed at providing more efficient, modernised and seamless experiences for market participants.

First phase: Cash market post-trade services

The first phase of this cash market enhancement programme will deliver a series of upgrades and additional services that will complement the existing core post-trade processing functions currently maintained in CCASS. Market participants may adopt these new features and services, which are expected to be launched progressively from 2025 to 2027, according to their needs.

OCP is part of our strategy to invest in a robust, flexible and efficient cash market infrastructure that progresses Hong Kong’s financial markets and sets us apart in an increasingly competitive international marketplace.

Richard Leung

Group Chief Information Officer, HKEX

Benefits

The first phase of the OCP enhancement programme, which focuses on the cash market clearing and settlement infrastructure, will support client needs by providing the following benefits.

Market Access Services

Automated post-trade report downloads and API connectivity, replacing Participant Gateway for secure, efficient information exchange.

New Clearing Services

Real-time Trade Information and Reference Data via API, plus position management for enhanced transparency and operational efficiency.

New SI Services

Essential settlement instruction (SI) services, including real-time SI matching and optimised SI processing to support T+1 settlement.

Timeline

The first phase of the OCP enhancement programme will run until the end of 2027. New post-trade features and services will be rolled out progressively beginning mid-2025, and one-to-two releases will be provided each year. Each new release will be communicated to the market well in advance.

Market participants may adopt these new features and services according to their needs.

We look forward to engaging with our stakeholders and market participants over the course of this modernisation journey as we leverage technology to position our markets for the future.