HKEX launches new market access platform for securities trading

Rick Steves

“The launch of OCG-C underscores HKEX’s commitment to leveraging the latest technologies to build reliable, resilient and efficient platforms and processes.”

Hong Kong Exchanges and Clearing Limited (HKEX) has launched Orion Central Gateway – Securities Market (OCG-C), offering improved performance and reduced latency, compared with the vendor-supplied platform that it replaces.

The new market access platform for the Hong Kong securities market is fully integrated with HKEX’s securities trading system, the Orion Trading Platform – Securities Market (OTP-C).

The launch of OCG-C aims to modernize and enhance HKEX’s market infrastructure, delivering resiliency and ensuring its competitiveness.

The centralized access point enables Exchange Participants to connect their order management systems with HKEX’s securities trading platform.

Calvin Tai, President and Chief Operating Officer at HKEX, said: “The launch of OCG-C underscores HKEX’s commitment to leveraging the latest technologies to build reliable, resilient and efficient platforms and processes. We look forward to continuing to invest in our technology and market infrastructure as we further elevate our leadership role in shaping global capital markets.”

The Orion Central Gateway – Securities Market (OCG-C) has been rolled out on Monday and will respect a two-week stabilization period, during which fallback procedures will be in place.

HKEX will provide the details separately. The Exchange will fall back to the original trading gateway on the next trading day in the unlikely event of OCG-C outage or any other contingencies.

Following the rollout of OCG-C, phase 2 implementation will commence. The technical specifications for new and enhanced features are already available at the dedicated OCG-C project corner. More details of phase 2 implementation will be announced in due course.

Earlier this year, HKEX took a minority stake in China’s newest futures exchange to become the first offshore entity to own a slice of a mainland bourse.

The firm bought a 7% stake in Guangzhou Futures Exchange (GFE) for 210 million yuan ($32.5 million), which will be the first to be run as a company with some private shareholders, in line with global bourse operators.

The deal comes in the context of an experiment by Beijing with so-called mixed ownership reform, introducing private capital in previously state-dominated sectors.

China has stock exchanges in Shanghai and Shenzhen and four futures exchanges: Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange and China Financial Futures Exchange, but all are fully owned and controlled by the state. Each of those four futures exchanges took a 15% stake in the new bourse, meaning it will still be majority state-owned.

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