Hong Kong Exchange (HKEX) & Hong Kong Monetary Authority (HKMA) Launch Joint Pilot Program to Use e-HKD (Digital Currency) as Advance Margin Payments for After-Hours Trading (AHT) Session in Derivatives Market
19th June 2026 | Hong Kong
Hong Kong Exchange (HKEX) & Hong Kong Monetary Authority (HKMA) have announced the launch of a joint pilot program to use e-HKD (Hong Kong digital currency) as advance margin payments for After-Hours Trading (AHT) session in derivatives market. Announcement (18/6/26): “Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) are pleased to announce today (Thursday) a joint pilot project to explore a new digital payment solution for the After-Hours Trading (AHT) session in the derivatives market. This initiative aims to enhance Hong Kong’s capital market and meet the growing market demand for AHT. In this connection, HKEX and the HKMA are exploring the use of e-HKD – a wholesale central bank digital currency (CBDC) operating on a 24/7 basis – for advance margin payments in the AHT session, enhancing the risk management capabilities of the derivatives market outside regular banking hours, whilst maintaining existing operational workflows. This pilot project will provide more flexibility and efficiency than the existing arrangement for advance margin payments. Currently, Clearing Participants (CPs) must submit advance margin deposit requests to HKFE Clearing Corporation Limited (HKCC) by 3:00 p.m. for funds to be counted for the subsequent AHT session. HKEX is in viting CPs under HKCC to participate in Real-Value Trial Transactions of this pilot initiative on an optional basis. The Real-Value Trial Transactions, as well as any subsequent wider adoption, are subject to regulatory approval, market readiness and other relevant considerations. More details are available on a circular published today on the HKEX website.”
“ Hong Kong Exchange (HKEX) & Hong Kong Monetary Authority (HKMA) Launch Joint Pilot Program to Use e-HKD (Digital Currency) as Advance Margin Payments for After-Hours Trading (AHT) Session in Derivatives Market “
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HKEX Chief Operating Officer, Vanessa Lau: “We are delighted to collaborate with the HKMA on this latest initiative to advance market accessibility and strengthen Hong Kong’s capital markets infrastructure. By exploring the use of CBDC, we aim to provide a more flexible and timely payment option outside of regular business hours, and address longstanding operational pain points in the industry. This project reflects the shared commitment of HKEX and the HKMA to embracing innovation, strengthening the resilience of our markets and reinforcing Hong Kong’s position as a leading international financial centre.”
HKMA Deputy Chief Executive, Howard Lee: “As Hong Kong’s financial infrastructure evolves to meet the growing demands of the market, the HKMA is committed to advancing innovation that enhances efficiency and resilience. The joint pilot with HKEX to enable advance margin payments for AHT using e-HKD demonstrates a wholesale application of CBDC in a live market environment, while underscoring our strong partnership with the industry stakeholders in driving financial innovation.”
Note:
- Hong Kong derivatives market has been growing from strength to strength with an average daily volume (ADV) record of 1.66 million contracts achieved in 2025. This momentum carried into 2026, with ADV exceeding 1.78 million contracts in the first five months.
Hong Kong Exchange (HKEX) & Hong Kong Monetary Authority (HKMA) Launch Joint Pilot Program to Use e-HKD (Digital Currency) as Advance Margin Payments for After-Hours Trading (AHT) Session in Derivatives Market
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