The Hong Kong Exchange is in the arrangement of the normal operation of the financial market in severe weather, consulting market opinions, and it is expected that new measures will take effect as soon as July next year.
Comprehensive Hong Kong Zhongtong News Agency and Sing Tao Daily reported that the Hong Kong Stock Exchange issued consulting documents on Thursday (November 30) to make suggestions on normal operations on the Hong Kong securities and derivative products markets in severe weather.For the operation mode and related arrangements to consult the market, the consultation is two months to January 26, 2024.
At present, the market operation arrangements in the severe weather of the Hong Kong Stock Exchange are linked to the severe degree of typhoon, heavy rain or "extreme situation" warning released by Hong Kong.Due to the emergence of home -office trends during the crown disease, the practice of suspending transactions in severe weather seems to be more and more outdated.In addition, as the extreme weather conditions caused by climate change are becoming more and more common, this approach may cause more inconvenience.
Since 2018, bad weather has led to 11 suspension of the Hong Kong market, and four occurred this year.With the decline in stock market transactions and IPOs, Hong Kong's fiscal revenue has decreased, weakening Hong Kong's attractiveness as a financial center.
The document of the Hong Kong Stock Exchange mentionMethods to reduce the necessity of market participants to access the system.In addition, the Hong Kong Stock Exchange will also consider arranging technical testing to help market participants prepare for normal transactions in bad weather.
The Hong Kong Stock Exchange also stated that based on personnel and investors' safety considerations, if the bank branch or service counter is closed throughout the day due to bad weather, it will not from any channel (such as an automatic teller machine or a ticket machine, a ticket machine,) Collect paper checks for further treatment. It is recommended that investors and participants can use electronic channels if they have a transfer.
In addition, the Hong Kong Stock Exchange proposed several exemptions for participants who cannot deposit the physical securities into the settlement office due to the closure of the physical business point.If the last transfer registration date coincides with bad weather, it is recommended that the transfer registration date will be receded accordingly to reduce the impact on people using physical securities.
In order to provide market adequate time preparation, a special responsibility group, including the Hong Kong Special Administrative Region Government, the Securities Regulatory Commission, and the Financial Management Bureau, is recommended to provide six months before implementing the arrangement of the arrangement, and will take effect as soon as July next year.
