Exclusive | Electronic dealing marks the end of an era, as Hong Kong’s iconic trading hall to close in October
Brokers given notice about the closure of 32-year old trading floor. On an average day less than 30 traders might be using a desk there – a fraction of HK’s 500-strong broker community
Hong Kong stock exchange will mark the end of an era in October, when its iconic trading hall is to be scrapped because of little use as share trading becomes almost entirely electronic.
Hong Kong Exchanges and Clearing, which runs the exchange, gave brokers notice of the move on Monday, Christopher Cheung Wah-fung, a lawmaker who also runs his own brokerage firm Christfund Securities, told the South China Morning Post in an exclusive interview.
The hall once hosted over 900 brokers in its heyday, who ran around its vast trading floor trading with their counterparts, But it’s now virtually silent as trading has gone electronic.
On an average day less than 30 traders might be on the floor, out of Hong Kong’s 500-strong broker community. Most other markets such as Tokyo and Singapore no longer operate halls.
“HKEX plans to redevelop and rejuvenate the existing trading and exhibition hall when its current lease expires at the end of October,” according to a HKEX spokeswoman.