Additional services expected to enhance AMS/3 scope
Hong Kong Exchanges and Clearing plans to introduce a series of services involving the trading of securities, futures and funds.
In a post-Lunar New Year ceremony yesterday, chief executive Kwong Ki-chi announced that the stock exchange soon would add some further functions to its third-generation Automatic Order Matching and Execution System (AMS/3).
'We aim to launch [the new services] between late February and early March,' Mr Kwong said.
The new functions include an Order Routing System (ORS), which allows investors to put orders through an Internet platform designed by the exchange. At present, such a service is allowed only through online brokers whose platforms are already connected to AMS/3.
Mr Kwong said the stock exchange would introduce new products, including exchange-traded funds.
He also said the futures exchange had reached a licensing agreement with Morgan Stanley Capital International (MSCI) to develop futures and options contracts based on the MSCI China Free Index, which traces the performance of H shares, B shares and red chips.
Meanwhile, Fung Chi-kin, president of the Chinese Gold and Silver Exchange Society, yesterday said this market planned to extend gold-trading service hours to midnight.
At present the local gold market closes at 4.30pm.
At the society's post-Lunar New Year ceremony, Mr Fung said the move could help attract over-the-counter gold investors back to the official exchange.
At last year's ceremony the then-president, Raymond Chan Fat-chu, said the society might start 24-hour gold trading in 2000.