New | Brokers in push for mutual funds to be added on HKEx platform
Mutual fund trading platform would bolster Hong Kong as a hub for financial products, brokers say
Brokers have urged the Hong Kong Exchanges & Clearing to launch a trading platform targeted at listed mutual fund products.
The Hong Kong Securities Association and other brokerage organisations have been in talks with the government and the exchange operator about the merits of the new platform.
“The stock exchange now focuses on securities trading, however, the stock market can also be a good venue to trade listed bonds, mutual funds and other investment products,” said Benny Mau Ying-yuen, the chairman of the Hong Kong Securities Association.
Mau said the platform would enable Hong Kong’s 450 licensed brokerages to trade mutual funds on behalf of their clients.
“Local brokers have proven to be an effective channel to trade listed securities and initial public offerings for companies. The industry can do the same job for the mutual fund industry,” Mau said.
Mau and other brokers, including Christopher Cheung Wah-fung, who is a broker as well as the legislator for the financial services sector, have held talks with the Securities and Futures Commission and HKEx officials, as well as fund industry officials, recently about the proposal.