Hong Kong Exchanges and Clearing
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| Public Company | |
| Traded as | : 0388 |
| Industry | Financial Services |
| Founded | 2000 |
| Headquarters | Exchange Square, Central, Hong Kong |
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Key people
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C K Chow (Chairman), Charles Li (CEO) |
| Services | Shares, futures & options Trading |
| Divisions | , Hong Kong Futures Exchange, London Metal Exchange, Hong Kong Securities Clearing Company, OTC Clear |
| Website | hkex.com.hk |
Hong Kong Exchanges and Clearing Limited (HKEx; Chinese: 香港交易及結算所有限公司, also 香港交易所 or 港交所 ) operates a stock market and futures market in Hong Kong through its wholly owned subsidiaries (SEHK) and Hong Kong Futures Exchange Limited (HKFE).
The Group also operates four clearing houses in Hong Kong: Hong Kong Securities Clearing Company Limited (HKSCC), HKFE Clearing Corporation Limited (HKCC), the SEHK Options Clearing House Limited (SEOCH) and OTC Clearing Hong Kong Limited (OTC Clear). HKSCC, HKCC and SEOCH provide integrated clearing, settlement, depository and nominee activities to their participants, while OTC Clear provides OTC interest rate derivatives and non-deliverable forwards clearing and settlement services to its members.
HKEx provides market data through its data dissemination entity, HKEx Information Services Limited. HKEx also owns the London Metal Exchange, which has a dominant global position in base metals trading. With a total market capitalisation of over US$3.9 trillion as of 10 April 2015, one of the largest exchanges in the world by market capitalisation of listed companies (see for complete rankings). As of the end of March 2015, there were 1,775 companies listed on HKEx's securities market.
Securities Market
Reports of securities trading in Hong Kong date back to the mid-19th century. However, the first formal market, the Association of Stockbrokers in Hong Kong, was not established until 1891. The Association was renamed the Hong Kong Stock Exchange in 1914. A second exchange, the Hong Kong Stockbrokers' Association was incorporated in 1921. The two exchanges merged to form the Hong Kong Stock Exchange in 1947 and re-establish the stock market after the Second World War. Rapid growth of the Hong Kong economy led to the establishment of three other exchanges - the Far East Exchange in 1969; the Kam Ngan Stock Exchange in 1971; and the Kowloon Stock Exchange in 1972. Pressure to strengthen market regulation and to unify the four exchanges led to the incorporation of SEHK, the Stock Exchange of Hong Kong Limited in 1980. The four exchanges ceased business on 27 March 1986 and the new exchange commenced trading through a computer-assisted system on 2 April 1986. Prior to the completion of the merger with HKFE in March 2000, the unified stock exchange had 570 participant organisations. Hong Kong Securities Clearing Company Limited was incorporated in 1989. It created CCASS, the central clearing and settlement system, which started operating in 1992 and became the central counterparty for all CCASS participants. The clearing operation is based on the immobilisation of share certificates in a central depository. Share settlement is on a continuous net settlement basis by electronic book entry to participants' stock accounts in CCASS. Transactions between CCASS participants are settled on T+2, the second trading day following the transaction. The company also offers nominee service.
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Wikipedia