CONFIRMATION TO LAUNCH PHASE 1 OF THE MINIMUM SPREADS REDUCTION ON 4 AUGUST 2025
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to confirm that phase 1 of the minimum spreads reduction will take effect on 4 August 2025 (Monday), following the successful completion of the Post Release Test conducted on 2 August 2025 (Saturday).
The spread table codes in the HKEX Orion Market Data Platform – Securities Market (OMD-C) and the Mainland Market Data Hub – Securities Market (OMD-C MMDH) will be duly updated at launch. Exchange Participants, Broker Supplied Systems (BSS) vendors, and all relevant stakeholders are hereby reminded to ensure their systems are fully prepared for the launch. This includes verifying that the appropriate system versions, including market data systems, are in use as of 4 August 2025 (Monday).
HKEX would like to thank all market participants for their support in ensuring the successful launch of this initiative. This underscores our ongoing commitment to enhancing market microstructure, with the aim of advancing the competitiveness of the Hong Kong market.
FAQ and Briefing Materials
Post Release Test Information Package
Market Rehearsal Information Package
Circular
Market Consultation
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Phase 1
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Phase 2
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Launch date
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4 August 2025
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Around mid-2026,
subject to the assessment results of Phase 1 implementation
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Lead time
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At least 6 months lead time will be provided to the market before the implementation of Phase 1 and Phase 2 respectively
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Applicable securities
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Equities, Real Estate Investment Trusts (REITs) and other Applicable Securities
(excluding Exchange Traded Products (ETPs), debt securities, Exchange Traded Options (ETOs) and Structured Products)
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Spread table changes
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Price band
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Original min. spread
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New min. spread
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Price band
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Original min. spread
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New min. spread
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$10 - $20
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$0.02
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$0.01
(-50%)
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$0.5 - $10
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$0.01
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$0.005
(-50%)
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$20 - $50
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$0.05
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$0.02
(-60%)
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Inquiries
For Exchanges Participants’ inquiries under the Reduction of Minimum Spreads, please contact otpc@hkex.com.hk.
This page will be updated regularly to provide all relevant information in relation to the implementation arrangements of the reduction of minimum spreads.