Hong Kong Exchanges and Clearing logo | |
Type | Stock exchange |
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Location | Victoria, Hong Kong, Hong Kong |
Founded | 1891 |
Owner | Hong Kong Exchanges and Clearing |
Currency | Hong Kong dollar |
No. of listings | 1,421[1] |
Market cap | HK$16.985 trillion (Nov 2011)[2] |
Indices | Hang Seng Index |
Website | hkex.com.hk |
Hong Kong Stock Exchange | |||||||||||
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Chinese | 香港交易所 | ||||||||||
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Alternative Chinese name | |||||||||||
Chinese | 港交所 | ||||||||||
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The Hong Kong Stock Exchange (SEHK) is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange, and the sixth largest in the world. As of 30 November 2011, the Hong Kong Stock Exchange had 1,477 listed companies with a combined market capitalization of HK$16.985 trillion[2]. Hong Kong Exchanges and Clearing is the holding company for the exchange.
The history of the securities exchange began formally in the late 19th century with the first establishment in 1891, though informal securities exchanges are known to have been in existence since 1861.[3] The exchange has predominantly been the main exchange for Hong Kong despite co-existing with other exchanges at different points in time. After a series of complex mergers and acquisitions, in the twenty first century, HKSE remains the core. From 1947 to 1969 the exchange monopolised the Hong Kong market.
source: HK Ex[4]
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Hong Kong Stockbrokers Association (Founded 1921) | |||||
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Far East Exchange Ltd (Founded 1969) | ![]() |
Kam Ngan Stock Exchange Ltd (Founded 1971) | ![]() |
Kowloon Stock Exchange Ltd (Founded 1972) | |
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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.[8] 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.[9]
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.[10]
On 7 March 2011, the exchange extended its hours in the first of two phases. The morning session now runs 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 begin trading at 9:15 am, thirty minutes earlier than before, and close at the same time as before, 4:15 pm. On 5 March 2012, the lunch break will be cut to sixty minutes, with the afternoon session running from 1:00 pm to 4:00 pm.[6]
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The exchange first introduced a computer-assisted trading system on 2 April 1986.[11] 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.[12]
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 inherent conflict between its commercial and regulatory roles. In the meantime, he argues for improved investor representation on the Hong Kong Stock Exchange.
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.[13]
Source: Bloomberg, in billions of Hong Kong dollars, Data updated on 20 April 2010
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