HKEX applies to launch RMB counter for trading of HKEX shares

Rick Steves

“The addition of an RMB Counter for the trading of HKEX shares underscores our commitment to the Dual Counter Model’s successful rollout. This new programme offers investors more choice, greater flexibility and the opportunity to tap into new liquidity pools. As a market operator and as a corporate, we look forward to delivering this new initiative, strengthening Hong Kong’s position as a premier offshore RMB hub and supporting the internationalisation of the RMB.”

Hong Kong Exchanges and Clearing Limited (HKEX) has submitted an application to launch a Renminbi (RMB) counter for trading of HKEX shares as part of the new Hong Kong Dollar (HKD)-RMB Dual Counter Model.

The exchange operator signaled its intentions of launching RMB counter trading under the HKD-RMB Dual Counter Model in order to allow investors to seamlessly interchange between securities listed in both HKD and RMB, offering a choice of trading currency and the potential to access new liquidity.

HKEX committed to the Dual Counter Model’s rollout

Nicolas Aguzin, Chief Executive Officer at HKEX, said: “The addition of an RMB Counter for the trading of HKEX shares underscores our commitment to the Dual Counter Model’s successful rollout. This new programme offers investors more choice, greater flexibility and the opportunity to tap into new liquidity pools. As a market operator and as a corporate, we look forward to delivering this new initiative, strengthening Hong Kong’s position as a premier offshore RMB hub and supporting the internationalisation of the RMB.”

The commencement date and arrangements for trading and settlement of HKEX shares denominated in RMB under the HKD-RMB Dual Counter Model will be announced in due course.

HKEX, as market operator, recently announced the launch of a new HKD-RMD Dual Counter Model in the securities market and a new Dual Counter Market Making Programme to support liquidity of RMB Counters and minimise discrepancies between the two counters. Further information about the Model and other operational details are available on the HKEX website and in a circular published in December 2022.

HKEX recognized by UK FCA

Earlier this month, HKEX announced plans to open a London office that will help promote its international equities franchise, its exclusive connectivity with Mainland China’s capital markets, and its expanding derivatives product suite. It will also provide the Group’s European clients with on-the-ground expertise and insight into Hong Kong’s capital market opportunities and innovations.

The announcement follows the UK FCA’s approval of the HKEX subsidiaries – The Stock Exchange of Hong Kong Limited and the Hong Kong Futures Exchange Limited – as Recognised Overseas Investment Exchanges.

The new office will be overseen by Head of EMEA Business Development, Raymond Wong, who will report to Kevin Rideout, HKEX Co-Head of Sales and Marketing.

HKEX has recently announced the opening of its New York office.

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