Hong Kong Stock Exchange Upgrades Trading Infrastructure For Global Relevance

Hong Kong Exchanges and Clearing (HKEX) is launching a multi-year enhancement program aimed at upgrading the efficiency, reliability, and automation of cash equities trading. By the end of 2025, HKEX plans to be “technically ready” to support a T+1 settlement cycle, solidifying Hong Kong’s position as a leading financial center.

The Orion Cash Platform (OCP), a cornerstone of Hong Kong’s cash market, will undergo significant enhancements, with new features set to improve the speed and accuracy of post-trade processing. Automated report downloads, real-time data transmission and processing, and real-time settlement instruction matching are among the key upgrades expected to enhance the user experience.

HKEX’s CEO, Bonnie Y Chan, emphasized the exchange’s commitment to supporting Hong Kong’s capital markets through ongoing investment in technology and market infrastructure. “At HKEX, we are committed to the long-term vibrancy of Hong Kong’s capital markets,” she said. “The modernization program for our cash market platform will ensure that our markets remain well-positioned for future opportunities as they continue to expand in breadth and diversity.”

HKEX is adopting a modular architecture for its post-trade features, providing maximum flexibility for market adoption. The exchange’s group chief information officer, Richard Leung, highlighted the importance of collaboration with market participants. “Platform development is a core part of our strategy to futureproof our business and markets,” he said.

The new features will be rolled out progressively, with core post-trade processing through its Central Clearing and Settlement System (CCASS) continuing uninterrupted. Extensive market consultations are also underway to determine any changes to Hong Kong’s settlement cycle.

This upgrade follows the development of the Orion Derivatives Platform (ODP), a new platform designed for Hong Kong’s derivatives market. With these enhancements, HKEX aims to strengthen its position as an ideal hub for financial transactions, supporting the growth and diversification of Hong Kong’s capital markets.