In this article, we will explore the impact of Hong Kong Stock Exchange on contemporary society. Since its emergence, Hong Kong Stock Exchange has played a fundamental role in various spheres of daily life, from politics to popular culture. Over the years, Hong Kong Stock Exchange has sparked debate and controversy, as well as been celebrated and revered by millions of people around the world. Through a comprehensive analysis, we will examine how Hong Kong Stock Exchange has shaped the way we perceive the world and influenced our decisions and behaviors. Additionally, we will explore the future of Hong Kong Stock Exchange and how its evolution could continue to impact our lives for years to come.
This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages)
|
香港聯合交易所 | |
Type | Stock exchange |
---|---|
Location | Central District, Hong Kong |
Coordinates | 22°17′03″N 114°09′28″E / 22.28414°N 114.15768°E |
Founded | 3 February 1891 21 February 1914 (as Hong Kong Stock Exchange) | (as Association of Stockbrokers in Hong Kong)
Owner | Hong Kong Exchanges and Clearing |
Key people | |
Currency | Hong Kong dollar |
No. of listings | 2,538 (2020) |
Market cap | HK$31 trillion US$4.0 trillion (2023) |
Website | hkex.com.hk |
Stock Exchange of Hong Kong | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Traditional Chinese | 香港聯合交易所 | ||||||||||||
Simplified Chinese | 香港联合交易所 | ||||||||||||
| |||||||||||||
SEHK | |||||||||||||
Traditional Chinese | 聯交所 | ||||||||||||
Simplified Chinese | 联交所 | ||||||||||||
|
The Stock Exchange of Hong Kong (香港交易所, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it had 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is reported as the fastest growing stock exchange in Asia.
The stock exchange is owned (through its subsidiary Stock Exchange of Hong Kong Limited) by Hong Kong Exchanges and Clearing Limited (HKEX), a holding company that it also lists (SEHK: 388) and that in 2021 became the world's largest bourse operator in terms of market capitalization, surpassing Chicago-based CME. A 2021 poll reported that approximately 57% of Hong Kong adults had money invested in the stock market. The physical trading floor at Exchange Square was closed in October 2017.
The Hong Kong securities market can be traced back to 1866, but the stock market was formally set up in 1891, when the Association of Stockbrokers in Hong Kong was established. It was renamed as The Hong Kong Stock Exchange in 1914.
By 1972, Hong Kong had four stock exchanges in operation. There were subsequent calls for the formation of a unified stock exchange. The Stock Exchange of Hong Kong Limited was incorporated in 1980 and trading on the exchange finally commenced on 2 April 1986. Since 1986, a number of major developments have taken place. The 1987 market crash revealed flaws in the market and led to calls for a complete reform of the Hong Kong securities industry. This led to significant regulatory changes and infrastructural developments. As a result, the Securities and Futures Commission (SFC) was set up in 1989 as the single statutory securities market regulator.
The market infrastructure was much improved[how?] with the introduction by the exchange of the Central Clearing and Settlement System (CCASS) in June 1992 and the Automatic Order Matching and Execution System (AMS) in November 1993. Since then, the framework of market rules and regulations, both exchange-administered or otherwise, have been undergoing continuing review and revision to meet changing market needs while ensuring effective market regulation.
The Exchange Listing Rules have been made more comprehensive, and other existing regulations have been improved or new regulations introduced to enhance market development and investor protection. Enhancements were also made to the system infrastructure, including the launch of off-floor trading terminals in brokers' offices in January 1996. The third generation of the trading system, AMS/3, will be launched in 2000. It will provide enhanced functionality and a platform for a straight-through transaction process.
In respect of market and product development, there is the listing of the first derivative warrant in February 1988, the listing of the first China-incorporated enterprise (H share) in June 1993 (Tsingtao Brewery);: 48 and the introduction of regulated short selling in January 1994 and stock options in September 1995. Furthermore, the exchange introduced the Growth Enterprise Market (GEM) in November 1999 to provide fundraising opportunities for growth companies of all sizes from all industries, and to promote the development of technology industries in the region.
According to the reform plan announced in March 1999, the Exchange, the Hong Kong Futures Exchange and their clearinghouses merged into a new holding company, the Hong Kong Exchanges and Clearing Limited.[citation needed]
|
On 19 July 2023, the Hong Kong Dollar (HKD)-Renminbi (RMB) Dual Counter Model was launched with both counters having the same rights, entitlement, status and par value if applicable. Investors are now able to trade their shares on the RMB counter using their offshore RMB. Shares are fully interchangeable between the 2 counters. The model was introduced to provide liquidity to the RMB counter and minimize discrepancies between the 2 counters. | |||||||
|
On 27 October 2017, the floor trading lobby was closed due to the shift towards electronic trading. By 2014, the venue accounted for less than 1% of trade volume. The trading hall was renamed to Hong Kong Connect Hall and will be redeveloped as a museum, conference, and exhibition space to showcase Hong Kong's financial markets. | |||||||
According to the Hong kong stockerbrokers Associaton (founded 1921)...
Edited by MEREMOTH PRINCE.|| || || || | ||||||||
|
Hong Kong Stockbrokers Association (Founded 1921) | |||||||
|
Far East Exchange Ltd (Founded 1969) | Kam Ngan Stock Exchange Ltd (Founded 1971) | Kowloon Stock Exchange Ltd (Founded 1972) | |||||
|
Make Your First Futures Trade and Invite Your Referrals to Binance Futures to Share 80 TAO in Rewards!
2024-04-19 02:00:17 This is a general announcement. Products and services referred to here may not be available in your region. To celebrate the launch of the TAOUSDT perpetual contract, Binance Futures prepared three promotions for eligible users to participate and share a total prize pool of 80 TAO in token vouchers. Register Now! Promotion Period: 2024-04-19 09:00 (UTC) to 2024-04-26 23:59 (UTC) Promotion A: Make Your First Futures Trade & Share 28 TAO in Token Vouchers All new futures users* who register for the promotion, make their first futures trade and reach a cumulative futures trading volume of at least 100 USDT equivalent during the Promotion Period, will be eligible to participate in this promotion. Eligible participants may then qualify for different reward tiers based on their cumulative futures trading volume during the Promotion Period, and receive TAO token voucher rewards on a first-come, first-served basis, as per the table below. TierCumulative Futures Trading Volume During the Promotion PeriodRankings by the Time of Fulfilling the Given Criteria**Reward per Eligible User (in Token Voucher)1⩾ 1,000 USDT equivalent1st - 600th Places0.02 TAO2⩾ 100 USDT equivalent1st - 1,000th Places0.01 TAOAll Remaining Eligible ParticipantsAn equal share of 6 TAO, capped at 0.01 TAO Please Note: Users may receive rewards from a lower reward tier**, if all rewards for the reward tier corresponding to their cumulative futures trading volume during the Promotion Period have been fully distributed.New futures users* are defined as users who have not made a futures trade on Binance prior to the start of the promotion. Promotion B: Get Your Referrals to Make Their First Futures Trade & Share 30 TAO in Token Vouchers Referrers who register for the promotion will qualify to receive 0.01 TAO in token voucher for every qualified referral* who makes their first futures trade and reaches a cumulative futures trading volume of at least 100 USDT equivalent during the Promotion Period on a first-come, first-served basis. Please note that only Binance referrals who have not made a futures trade on Binance prior to the start of the promotion will count as qualified referrals. A total of 30 TAO in token vouchers are available in Promotion B. Promotion C: Join the USDⓈ-M Futures Trading Competition to Share 22 TAO in Token Vouchers All regular and VIP 1-6 users* who register for the promotion and reach a cumulative USDⓈ-M futures trading volume of at least 1,000 USDT equivalent during the Promotion Period will qualify to participate in this promotion. Qualified participants will be eligible to share 22 TAO in token vouchers based on their cumulative USDⓈ-M futures trading volume during the Promotion Period (including both buys and sells), as per the table below. Please note that a 3x trading volume multiplier will be applied to all trades on the TAOUSDT perpetual contract in the calculations of users’ cumulative USDⓈ-M futures trading volume during the Promotion Period. Rankings Based on the Cumulative USDⓈ-M Futures Trading Volume During the Promotion PeriodReward per Eligible User (in Token Voucher)1st Place3 TAO2nd - 4th Places1 TAO 5th - 10th Places0.5 TAO 11th - 20th Places0.2 TAO21st - 50th Places0.1 TAO51st - 100th Places0.04 TAOAll Remaining Eligible Participants Equally split 6 TAO, capped at 0.04 TAO Terms and Conditions Only verified users from eligible regions who click "Register Now" on the promotion page during the Promotion Period may qualify for rewards from the aforementioned promotions (“Eligible Users”).Users may qualify for rewards from all three (3) promotions where applicable. TAO token voucher rewards will be distributed within 14 working days after the promotions end. Eligible users will be able to log in and redeem their token voucher rewards via Profile > Rewards Hub.The validity period for the token voucher is set at 30 days from the day of distribution. Learn how to redeem a voucher.For avoidance of doubt, these promotions are only available to Eligible Users who are enabled for Binance Futures services, and may not be available or may be restricted in certain jurisdictions or regions, or to certain users, depending on legal and regulatory requirements. All Eligible Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Binance Futures services in each country from which the services are accessed.Binance reserves the right to disqualify any participants showing any signs of fraudulent behavior immediately (e.g., wash trading, bulk account registrations, self dealing, market manipulation, and more).Binance reserves the right to determine and/or amend or vary these Terms & Conditions, its eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done if it is justified due to important reasons, including but not limited to:Changes in applicable regulations or policies;Obligations arising out of law or decisions issued by common courts or public administration;Anti-money laundering or combating financing terrorism rules;Technical issues beyond our control;Necessity to protect users from potential losses; andNecessity to protect Binance from the loss of reputation.Additional promotion terms and conditions can be accessed here.There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise. Thank you for your support! Binance Team 2024-04-19. |
|||||||
|
Hong Kong Futures Exchange Ltd (Founded 1976) | Hong Kong Securities Clearing Company Ltd (Founded 1989) |
The trading day consists of:
The closing price is reported as the median of five price snapshots taken from 3:59 to 4:00 pm every 15 seconds. In May 2008, the exchange also implemented a closing auction session to run from 4:00 pm to 4:10 pm, with a similar pricing mechanism as the opening auction; however, this resulted in significant fluctuations in the closing prices of stocks and suspicions of market manipulation. Initially, the exchange proposed limiting price fluctuations in the auction sessions to 2%; in the end, they removed the closing session entirely in March 2009.
Up until 2011, trading hours comprised a pre-opening auction from 9:30 am to 9:50 am, followed by continuous trading from 10:00 am to 12:30 pm and 2:30 pm to 4:00 pm. The two-hour lunch break between the morning and afternoon sessions was the longest among the world's 20 major stock exchanges. A 2003 proposal to shorten the lunch break failed due to opposition from brokers. Another plan to shorten the lunch break to one hour was floated by the exchange in 2010; the morning session would then start earlier, run from 9:30 am to 12:00 pm, and the afternoon session from 1:00 pm to 4:00 pm, leaving the closing time the same as before. Justifications included bringing hours into line with China. Reactions from both brokers and the restaurant industry were mixed.
On 7 March 2011, the exchange extended its hours in the first of two phases. The morning session now ran from 9:30 am to 12:00 noon, followed by a ninety-minute lunch break, and an afternoon session from 1:30 pm to 4:00 pm. Index futures and options now began trading at 9:15 am, thirty minutes earlier than before, and closed at the same time as before, 4:15 pm. On 5 March 2012, the lunch break was cut to sixty minutes, with the afternoon session running from 1:00 pm to 4:00 pm.
Economy of Hong Kong |
---|
Identity |
Resources |
Companies |
Other Hong Kong topics |
|
Hong Kong Portal |
The exchange first introduced a computer-assisted trading system on 2 April 1986. In 1993 the exchange launched the "Automatic Order Matching and Execution System" (AMS), which was replaced by the third generation system (AMS/3) in October 2000.
David Webb, independent non-executive director of the Exchange since 2003, has been arguing for a super regulatory authority to assume that role as regulator, as there is an inherent conflict between its commercial and regulatory roles.[citation needed] In the meantime, he argues for improved investor representation on the Hong Kong Stock Exchange.[citation needed]
In 2007, the uproar by smaller local stockbrokers over the decision by board of directors to cut minimum trading spreads for equities and warrants trading at between 25 HK cents and HK$2 caused the new board to vote to reverse the decision. The reforms were to be implemented in the first quarter, but was put back on the table following protests by brokers. Webb criticised the board for caving in to vested interests.
Source: HKEX, in billions of Hong Kong dollars, Data updated on 14 February 2018