Hong Kong Exchange to Launch HKD-RMB Currency Dual Counter Model in 2023, Allow Investors to Interchange Securities Listed in HKD & RMB to Support Liquidity of RMB Counters & Minimise Price Differences
15th December 2022 | Hong Kong
Hong Kong Exchange (HKEX) will be launching the HKD-RMB (Hong Kong Dollar-Renminbi) currency Dual Counter Model in 1st half of 2023, allowing investors to interchange securities listed in HKD & RMB and to support liquidity of RMB counters & minimise price differences between HKD & RMB counters. HKEX: “Under the proposed Model, investors will be able to interchange securities listed in both HKD and RMB counters, following enhancements to be made to existing trading and settlement arrangements. To support the liquidity of RMB counters and minimise price discrepancies between the two counters, HKEX will introduce a new Dual Counter Market Making Programme. Dual Counter Market Makers engaged to conduct market making and liquidity providing activities may be qualified for stamp duty exemption for their eligible transactions, subject to the relevant legislative amendments being passed by Hong Kong’s Legislative Council. These measures will pave the way to support the initiative of allowing Mainland investors to trade RMB-denominated securities through southbound Stock Connect currently being explored with the Mainland authorities.” More info below.
“ Hong Kong Exchange to Launch HKD-RMB Currency Dual Counter Model in 2023, Allow Investors to Interchange Securities Listed in HKD & RMB to Support Liquidity of RMB Counters & Minimise Price Differences “
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HKEX COO & Co-Head of Markets Wilfred Yiu: “The introduction of the HKD-RMB Dual Counter Model and the Dual Counter Market Making Programme is an exciting new development in our market. These and other initiatives will help further facilitate and attract dual counter listings and help develop even greater synergies with our current China-related products. HKEX is committed to supporting the internationalisation of RMB and further elevating Hong Kong’s role as the world’s premier offshore RMB hub.”
HKEX Announcement
HKEX to Introduce HKD-RMB Dual Counter Model and Dual Counter Market Making Programme in Hong Kong Securities Market
13th Dec 2022 – Hong Kong Exchanges and Clearing Limited (HKEX) is today (Tuesday) pleased to announce the introduction of a new Hong Kong Dollar (HKD)-Renminbi (RMB) Dual Counter Model (Model) and an inaugural Dual Counter Market Making Programme in its securities market, further supporting the listing, trading and settlement of RMB counters in Hong Kong. HKEX expects to commence onboarding for these initiatives in the first half of 2023, subject to regulatory approval and market readiness.
Under the proposed Model, investors will be able to interchange securities listed in both HKD and RMB counters, following enhancements to be made to existing trading and settlement arrangements. To support the liquidity of RMB counters and minimise price discrepancies between the two counters, HKEX will introduce a new Dual Counter Market Making Programme. Dual Counter Market Makers engaged to conduct market making and liquidity providing activities may be qualified for stamp duty exemption for their eligible transactions, subject to the relevant legislative amendments being passed by Hong Kong’s Legislative Council. These measures will pave the way to support the initiative of allowing Mainland investors to trade RMB-denominated securities through southbound Stock Connect currently being explored with the Mainland authorities.
Other existing listing, trading, clearing and settlement arrangements will generally apply to RMB counters in the Model. HKEX will announce the commencement date of the Model and publish the list of dual counter securities for the market making programme in due course.
Further information about the Model and other operational details are available on the HKEX website and in a circular published today.
About HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code:388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metals Exchange. As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.
HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all. Visit www.hkexgroup.com
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