No delay to Hong Kong’s plan to allow stock market to stay open in typhoons, treasury secretary says
- The Ming Pao newspaper had quoted an unnamed source as saying the reform had been put back by several months until the end of this year or early next year
- Since 2018, tropical cyclones and severe rainstorms have forced the market to shut down 11 times, according to exchange data
“The planned timeline has not changed. The details of the reform will be announced in the middle of this year, and we will give sufficient time for the market participants to prepare for the change before implementation.”
His comments came after a local media report said the move had been postponed by several months beyond its planned implementation in the summer. Ming Pao, a Chinese language newspaper, quoted an unnamed source as saying the reform had been put back until the end of this year or early next year.
Hui acknowledged that such reforms take time as they require securities firms, settlement and clearing companies, banks and other parties to adjust their systems and practices before the rule change is implemented.
03:02
Typhoon Koinu brushes past city, leaving trail of damage
Bourse operator Hong Kong Exchanges and Clearing (HKEX) issued a consultation paper at the end of November in which it proposed scrapping its more than 70-year-old practice of delaying trading or shutting the market entirely when the Hong Kong Observatory issues its typhoon signal No. 8 or higher or raises a black rainstorm alert.
