The city's seven stockbrokerage bodies have called for the government to bring back a minimum brokerage commission to help them survive in an increasingly hostile market. But their push is likely to be an uphill battle.
In fact, even if the authorities did reintroduce a minimum commission, some small players would still find it hard to keep their head above water amid lower turnover and the changing market.
The Hong Kong Securities Association, the Institute of Securities Dealers and others jointly sent a letter to Chief Executive Leung Chun-ying calling for the partial return of the commission to allow brokers to collect at least 0.25 per cent of a trade if the transaction was below HK$200,000.
Before it was scrapped nine years ago, all brokers charged at least 0.25 per cent commission on all transactions.
Since then, commissions have become freely negotiated between brokers and their clients. Some firms have been so aggressive that they offer a fixed rate for customers, allowing them to conduct unlimited trades each month.
Other firms waive commissions on the first month of trading by new customers.
Brokers say the average commission rate is now between 0.07 per cent and 1.8 per cent.