Hong Kong SFC to Implement Investor Identification Regime for Exchange-Traded Derivatives Market (HKIDR-DM) in 2028 Q2, Similar to Securities Market Launched in 2023 March, Licensed Corporations & Registered Institutions Offering Brokerage Services or Conducting Proprietary Trading Required to Submit Clients’ Names & Identity Information to Centralised Data Repository
24th June 2026 | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has announced plan to implement investor identification regime for the Exchange-Traded Derivatives Market (HKIDR-DM) in 2028 Q2, similar to securities market launched in 2023 March, requiring licensed corporations & registered institutions offering brokerage services or conducting proprietary trading to submit clients’ names & identity information to centralised data repository. Announcement (23/6/26): “The Securities and Futures Commission (SFC) today published the consultation conclusions concerning its proposals to extend the investor identification regime to the exchange-traded derivatives market in Hong Kong (HKIDR‑DM), following the successful implementation of a similar regime for the securities market (HKIDR-S) since March 2023. Respondents to the SFC’s consultation generally supported the proposals, recognising their alignment with international practices, enhancement of the SFC’s surveillance ability, and reinforcement of investor protection (Note 1). The SFC intends to proceed with the regime, and targets to implement it in the second quarter of 2028, subject to completion of system testing and market rehearsals (Note 2). The HKIDR-DM will apply to on-exchange orders for futures contracts, options contracts and stock options executed through the trading system of the Hong Kong Futures Exchange Limited (Note 3). The regime will adopt an operational model similar to that of the HKIDR-S, requiring licensed corporations and registered institutions offering brokerage services or conducting proprietary trading to submit clients’ names and identity information to a centralised data repository. A dedicated HKIDR-DM webpage has been established to assist industry preparations and promote investor education. In the coming months, the SFC will issue further guidance and Frequently Asked Questions to facilitate market participants’ adoption of the regime and enhance their understanding.”
“ Hong Kong SFC to Implement Investor Identification Regime for Exchange-Traded Derivatives Market (HKIDR-DM) in 2028 Q2, Similar to Securities Market Launched in 2023 March, Licensed Corporations & Registered Institutions Offering Brokerage Services or Conducting Proprietary Trading Required to Submit Clients’ Names & Identity Information to Centralised Data Repository “
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Note:
- The SFC received nine submissions during the three-month consultation period up to 22 December 2025.
- The SFC will implement the HKIDR-DM concurrently with the Hong Kong Exchanges and Clearing Limited’s launch of Orion Derivatives Platform, enabling market participants to incorporate the HKIDR-DM functionalities as they upgrade their systems.
- The Hong Kong Futures Exchange Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited.
Hong Kong SFC Proposed Investor Identification Regime for Exchange-Traded Derivatives Market (HKIDR-DM) Similar to Securities Market Launched in 2023 March, Licensed Corporations & Registered Institutions Offering Brokerage Services or Conducting Proprietary Trading Required to Submit Clients’ Names & Identity Information to Centralised Data Repository
23rd September – The Hong Kong Securities and Futures Commission (SFC) has launched a 3-month consultation on the proposed investor identification regime for the Exchange-Traded Derivatives Market (HKIDR-DM) similar to securities market launched in 2023 March, requiring licensed corporations & registered institutions offering brokerage services or conducting proprietary trading to submit clients’ names & identity information to centralised data repository. Announcement (22/9/25): “The Securities and Futures Commission (SFC) today launched a consultation on the proposed investor identification regime for the exchange-traded derivatives market (HKIDR-DM) to further bolster the integrity and sustainable development of Hong Kong’s capital markets (Note 1). Building upon the successful implementation of a similar regime for the securities market (HKIDR-S) since March 2023, the proposed HKIDR-DM would cover on-exchange orders for futures contracts, options contracts and stock options traded through the Hong Kong Futures Exchange Limited’s trading system (Note 2). The HKIDR-DM would adopt a model similar to that of the HKIDR-S, under which licensed corporations and registered institutions offering brokerage services or conducting proprietary trading would be required to submit clients’ names and identity information to a centralised data repository (Note 3). The consultation period will last for three months. Interested parties are invited to submit their feedback to the SFC on or before 22 December 2025 through the SFC website (www.sfc.hk), via email at [email protected], or by post.”
Rico Leung, the SFC’s Executive Director of Supervision of Markets: ”To keep up with Hong Kong’s fast-growing derivatives market and align with global best practices, the proposed extension of our investor identification regime represents a major stride in detecting irregularities and protecting investors whilst minimising operational burden on the industry. Our enhanced cross-market surveillance capabilities will help reinforce market integrity and investors’ confidence – both essential in solidifying Hong Kong’s sustainable development as an international financial centre.”
Notes:
- The proposed regime is expected to be implemented in the first quarter of 2028.
- Hong Kong Futures Exchange Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited.
- These entities must comply with the Personal Data (Privacy) Ordinance by obtaining the client’s express consent before collecting and passing on any client information under the proposed regime.
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