Hong Kong’da likidite reformları için adımlar atılıyor; US piyasaları rallisi likidite akışını etkiliyor

Kısaca

SFC, Asifma etkinliğinde likidite artırımı için reformları açıkladı; HK$50.000’e kadar işlem değeri sınırı getiriliyor. Bu yıl günlük milyar HK$27x0?08? Not: Metinde 270 milyar HK$ ifadesi var; bu, önceki yıla göre artışın göstergesidir. US piyasalarındaki rallinin likidite akışını azaltabileceği belirtildi; Hang Seng düşüş kaydetti.

Ana mesele

Yeni likidite reformları ve board lot değişikliği likiditeyi artırabilir.

Ne değişti?

Board lot reformu ile HK$1.000 minimum ve HK$50.000 maksimum değer belirleniyor; aynı zamanda marjin işlemlerinde iyileştirme planı var.

Beni nasıl etkiler?

Yatırımcı erişimi genişleyebilir, işlem maliyetleri ve kaldıraç verimliliği etkilenebilir.

Ne oldu?

SFC, HKEX ile likidite artırımı için yeni önlemler açıkladı.

Neden şimdi?

US piyasalardaki rallinin likidite çekişini değiştirmesiyle mevcut dönemde reform ihtiyacı belirginleşti.

Neden önemli?

Daha kapsayıcı piyasa yapısı ve daha hızlı işlem tamamlama, yatırımcı güvenini güçlendirebilir.

Kimler etkileniyor?

• Yatırımcılar
• Brokerlar

Sektör ve piyasa etkisi

Piyasa likiditesi artabilir; işlem hacmi ve volatilite üzerinde etkiler gözlenebilir.

Riskler

• Küresel sermaye akışı beklenmedik şekilde yön değiştirebilir
• Maliyetlerin kısa vadede artması ihtimali

Takip edilmesi gerekenler

• Board lot reformunun uygulanacağı tarih
• Same-day settlement etkileri
• Marjin off-set uygulamalarının etkisi

Haberin tamamı

Hong Kong’s securities watchdog is renewing its push to boost market liquidity, setting out further reforms as emerging markets grapple with capital outflow pressure amid a rally in US equities and a strengthening dollar.

Speaking at a conference organised by the Asian Securities & Financial Markets Association (Asifma) on Friday, Julia Leung, CEO of the Securities and Futures Commission (SFC), outlined measures ranging from extended trading hours and shorter settlement cycles to cross-market margining and board lot reform aimed at improving market liquidity and efficiency.

“The SFC is working with the HKEX [Hong Kong Exchanges and Clearing] to develop margin offsets across its clearing houses,” Leung said, adding that the move would free up capital for “more productive” uses.

Leung also said the HKEX’s clearing house, OTC Clear, would enable same-day settlement for bond deposits and withdrawals later this year, streamlining the process and making non-cash collateral “a more attractive funding pool”.

As part of board lot reform, Leung announced the introduction of eight standardised categories. The maximum board lot value would be capped at HK$50,000 (US$6,370), while the minimum would be reduced to HK$1,000.

“The aim is to lower entry barriers, broaden participation and make stock trading more accessible,” she said.

The measure will take effect in November for existing issuers, having already been implemented for new listings since July.

Average daily turnover in Hong Kong’s stock market had exceeded HK$270 billion so far this year, up 160 per cent from 2023, SFC data showed. The increase had been driven partly by mainland Chinese funds flowing into Hong Kong through the Stock Connect and Bond Connect programmes, particularly into technology shares.

Hong Kong had also become Asia’s third-largest exchange-traded product (ETP) market by turnover, according to the SFC.

Challenges remain, however, as global investors continue to favour US assets. Nasdaq and the S&P 500 hit record highs this week amid enthusiasm for artificial intelligence-related investments, while the Hang Seng Index has fallen about 5.5 per cent this year.

Leung also said the HKEX would soon announce a timeline for shortening the market’s settlement cycle to T+1 – allowing trades to be settled one business day after execution – from T+2.

“Shortening the cycle reduces various risks, improves capital efficiency and brings Hong Kong more in line with major international markets,” she said.

The US adopted T+1 settlement in 2024, while the European Union, UK and Switzerland plan to make the transition in October 2027.

Peter Stein, CEO of Asifma, said the association supported the move towards T+1, but had “expressed concerns about the implementation timeline” during the consultation process.

Given Hong Kong’s time difference with New York, “you have a narrower window with which to provide the funding to settle trades and do the [foreign exchange] conversions”, he said.

Stein added that he welcomed the new measures announced by Leung and viewed them as “a great model for what we’d like to see happen in some other markets”.

Kaynaklar

• South China Morning Post - Business