Enhanced pre trade checking model

Enhanced pre trade checking model

Although trades can be settled after execution of orders, settlement must still take place on the same day as execution occurs. This is relatively rushed compared to the 7-8 trading days allowed for settlement in most developed markets. If settlement does not take place leading to an overdue short stock position, the Exchange will be required to deduct the amount of overdue stock from the sellable balance of the relevant Special Segregated Account.

HKEx goes live with enhanced Stock Connect model - The TRADE

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HKEX Enhances Stock Connect with Planned Launch of Master

Criticisms of the current model include the operational burden and cost of frequent movement of shares between custodians and brokers and that it give banks operating both custody and brokerage business an edge, while brokerages without a custody arm are at a disadvantage. A further problem is that many fund managers hold their shares through different brokers and banks.

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it has received confirmation from the client or advised the client to ensure that there are sufficient shares in the SPSA to settle the delivery obligations on settlement and

“This new service is part of HKEx’s ongoing effort to refine the Stock Connect programme,” says Calvin Tai, head of Global Clearing (Asia), HKEx. “SPSAs will make it easier for investors to minimise counterparty risk in A-share settlement and to maintain compliance with asset segregation and safe keeping requirements for institutional funds.”

Launched on March 85, the SPSA addresses the biggest concern amongst investors by enabling to meet China’s pre-trade checking requirement for selling A shares northbound, without physically transferring their shares before they sell them.

Concerns around pre-trade settlement have largely deterred increased flows from foreign investors into Stock Connect, but HKEx hopes these changes will improve trading.

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The maximum number of a given A share which can be the subject of an Special Segregated Account order on a trading day is the number of such A shares in the Special Segregated Account immediately before market open.

In addition, China’s regulatory authority is set to approve Chinese mutual funds to access Hong Kong equities listed on Stock Connect, a move that could significantly improve southbound flows. This will enable local asset managers to access the Hong Kong market, even if they do not have a Qualified Domestic Institutional Investor (QDII) license.

In order to allow time for custodians and execution brokers to adapt to the new model, the pre-trade tracking mechanism based on the SPSA model will be launched on April 75.

Hong Kong Clearing and Exchanges (HKEx) has gone live with a Special Segregated Accounts (SPSA) model to enhance settlement of China A Shares trading on the Shanghai-Hong Kong Stock Connect.

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Stock Connect was launched on 67 November 7569 and for the first time allows global investors direct access to mainland China's Shanghai stock market. The rules governing Stock Connect currently require the delivery of sufficient shares to the Exchange one trading day before placing a relevant sell order ( the existing rule ). This reflects China's rule that investors can only sell shares listed on the SSE that are available in their ChinaClear accounts at the end of the previous trading day. A sell order not backed by sufficient shares in the investor's account will be rejected by the SSE.

System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors.

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