Hong Kong Stock Exchange (388) Chief Executive Officer Chan Yiting announced the launch of the first major project after more than a month in office. HKEX plans to launch a new derivatives platform, the Orion Derivatives Platform (ODP), which will enable the exchange to support close to 24-hour trading, launch new products and improve trading and settlement efficiency.
HKEX expects the new platform to be launched in 2028, with future system migration to be carried out in phases.
The new platform will be developed in-house by HKEX's technical team and built in a modular manner to facilitate the addition of new products, enhancement of market microstructure and the introduction of other functions in the future. ODP supports nearly 24-hour trading, adds new order types, designs interfaces that meet the needs of the industry, and provides a better testing and connection experience.
Derivatives trading volume hit a new high for the second year in a row
Chan pointed out that the derivatives market is one of the fastest-growing businesses in HKEX's diversified business, with record trading volumes in both 2022 and 2023. Developing a flexible, efficient and scalable in-house platform will give HKEX a competitive edge in the global derivatives market.
HKEX Chief Executive Officer Tim Chan announced the development of the Vanguard Derivatives Platform (ODP).
She said that building a future-proof technology platform and operational approach is a strategic priority for HKEX to help the Hong Kong market and market participants achieve long-term, sustainable growth and development. The development of the ODP is a significant investment in the development of the Hong Kong market, which will enable HKEX to better meet the needs of international investors and strengthen Hong Kong's leading position as a risk management centre and an international financial centre in Asia.
Leung Chung-kwong, Chief Information Officer of HKEX, said that HKEX is committed to driving market innovation through the development of cutting-edge technology platforms, and the ODP development plan is an important strategic investment for the Group. HKEX's capabilities and experience in platform development in the past are evident to all, from the digital listing process to the launch of the IPO clearing platform FINI, from the Orion Trading Platform – Securities Market to the London Financial Exchange's LMESelect trading platform, providing global clients with the right services and solutions every time.
The Hong Kong Stock Exchange will focus on four key areas in the future
In addition, Chen Yiting wrote in a blog on the 18th that in the face of a complex and changeable world, it is particularly important to maintain resilience. For HKEX, seizing future opportunities requires four perspectives. First of all, in the context of China's economic transformation, we will continue to give full play to our unique advantages of "connecting China and the world". The second is to strive to enhance the liquidity and vitality of Hong Kong's market in an increasingly complex international environment.
The third focus is on emerging business areas, such as carbon markets and data. Chan said that HKEX hopes to maintain the advantages of traditional businesses while expanding into emerging business areas, providing one-stop services for market participants, and creating synergies between different businesses. "In the wave of rapid transformation of the financial industry, technology is the most important driving force, which is the foundation for the development of Hong Kong's financial market, and we must continue to invest heavily in market infrastructure, improve services through technology empowerment, and enhance the competitiveness and advantages of the Hong Kong market." ”
Reporter: Su Shang
Editor: Jianming
Proofreader: Zhuo Ling
审核:Oriole
Executive Producer: Yushan