The
Hong Kong Stock Exchange (traditional Chinese: abbreviated
as HKEX; SEHK: 0388)
is the stock exchange of Hong Kong. The exchange has predominantly
been the main exchange for Hong Kong where shares of listed
companies are traded. More commonly known as the Hang Seng
Index, it is Asia's second largest stock exchange, behind
the Tokyo
Stock Exchange.
Hong
Kong Exchanges and Clearing is the holding company for the
exchange.
|
|
|
History
The history
of the securities exchange began formally in the late 19th century
with the first establishment in 1891, though informal securities
exchanges have been known to take place since 1861[1]. The exchange has predominantly been the main exchange for
Hong Kong despite co-existing with other exchanges at different
point in time. After a series of complex mergers and acquisitions,
HKSE remains to be the core. From 1947 to 1969 the exchange monopolized
the market.
| Association of Stockbrokers in
Hong Kong (Founded 1891) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1914) Renamed to Hong Kong Stock
Exchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1947) A merger is made after World
War II with Hong Kong Stock Exchange retaining
the name |
|
 |
Hong Kong Stockbrokers Association (Founded 1921) |
|
|
|
|
|
|
|
|
|
|
|
| Hong Kong Stockholders Association
Ltd (Founded 1978) allow info sharing between HKSE
and other exchanges |
|
|
Far East Exchange Ltd (Founded 1969) |
|
Kam Ngan Stock Exchange Ltd (Founded 1971) |
|
Kowloon Stock Exchange Ltd (Founded 1972) |
|
|
|
|
|
|
|
|
| (1986) HKSE merges with other
exchanges and retain the name but also presented as
Stock Exchange of Hong Kong |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (2000) Hong Kong Exchanges and
Clearing becomes the holding company for Hong
Kong Stock Exchange |
|
|
Hong Kong Futures Exchange Ltd (Founded 1976) |
|
Hong Kong Securities Clearing Company Ltd (Founded
1989) |
|
|
Business
Computers
were integrated on April 2, 1986, which has helped modernize the
system[2]. In 1993 the exchange
launched the "Automatic Order Matching and Execution System" (AMS)
that was replaced by the third generation system (AMS/3) in October
2000[3]. Systems as such were added to meet the increased popularity
of online Stock trading.
Trading Hours:
From 10:00am to 12:30pm and from 2:30pm to 4:00pm
- (Summer:
From 10:00pm to 12:30am and from 2:30am to 4:00am New York time)
- (Winter:
From 9:00pm to 11:30pm and from 1:30am to 3:00am New York time)
Regulatory
role
David Webb,
independent non-executive director of the Exchange since 2003,
has been arguing for a super regulatory authority to assume that
role as regulator, as there is inherent conflict between its commercial
and regulatory roles. In the meantime, he argues for improved
investor representation on the Hong Kong
Stock Exchange.
In 2007, the
uproar by smaller local stockbrokers over the decision by board
of directors to cut minimum trading spreads for equities and warrants trading at between 25 HK cents and HK$2 caused
the new board to vote to reverse the decision. The reforms were
to be implemented in the first quarter, but was put back on the
table following protests by brokers. Webb criticised the board
for caving in to vested interests.[4]
References
|
