POS Enhancements Initiative

Video updated as of 2 Nov 2026

HKEX concluded in December 2019 to enhance the Pre-Opening Session (POS) and Volatility Control Mechanism (VCM) in its securities market.  The enhancements to the POS auction mechanism involve adopting relevant features from the Closing Auction Session (CAS), to help improve price discovery and increase trading liquidity before the market opens.  This page focuses on the implementation details of the POS enhancements.

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Market Consultation

• Consultation Paper and Questionnaire
• Consultation Conclusions

Presentation Materials

• Briefing Session on POS Enhancements (Video/ PDF)
• Briefing Session on Enhancements Implementation (Video/ PDF)
• Briefing Sessions on Market Consultation

FAQ 

• FAQ for POS Mechanism

Circular

• Amendments to the Rules of the Exchange (the “Rules”) [NEW]
• Launch of Pre-Opening Session (POS) Enhancements on 19 October 2020 [NEW]
• Second Market Rehearsals for Pre-opening Session (POS) Enhancements
• Market Rehearsals (MRs) and Market Education Materials for Pre-opening Session (POS) Enhancements
• Commencement of End-To-End (E2E) Test Session for Pre-Opening Session (POS) Enhancements
• Volatility Control Mechanism (VCM) and Pre-opening Session (POS) Enhancements in the Securities Market – Implementation Details
• Consultation Paper and Briefing Sessions on Market Microstructure Enhancements in the Securities Market
• HKEX to Enhance Pre-opening Session (POS) and Volatility Control Mechanism (VCM) in the Securities Market

Other Reference Materials

• POS Enhancements Information Book  (Version Date: 31 October 2026)
• POS Enhancements Infographics (Version Date: 31 October 2026)
• Press Release: HKEX to Launch Enhanced Pre-Opening Session for its Securities Market, and new ETP Listing-day POS Price Limit [NEW]
• Press Release: HKEX Consults Market on Proposed Microstructure Enhancement in the Securities Market
• Press Release: HKEX to Enhance Pre-Opening Session and Volatility Control Mechanism in its Securities Market