Hong Kong

Fintech / Regtech

SWIFT, HSBC to Define Common API Standard for Hong Kong

By Editors | 04/10/2019

The new standard will re-use ISO 20022 components to ensure interoperability with Hong Kong’s clearing and settlement systems, facilitating the next phases of open banking in the city.

Big Picture

Hong Kong Making Slow Progress on Open Banking: S&P

By Editors | 03/10/2019

S&P Global Ratings says Hong Kong’s approach to open banking makes it hard for third-party service providers to participate, limiting the potential of the new digital ecosystem.

Capital / Liquidity

SFC Offers Additional Guidance on New Margin Financing Rules

By Editors | 02/10/2019

New FAQs make clear that deviations from the new rules after 4 October will not automatically be seen as noncompliance or result in disciplinary action.

Securities / Derivatives

Hong Kong to Regulate Fund Trustees, Custodians

By Editors | 30/09/2019

Fund trustees and custodians in Hong Kong are not subject to any licensing regime or ongoing supervision. The SFC proposes to regulate them under a new type of regulated activity, RA 13.

Capital / Liquidity

SFC to Push Ahead with New Cap on Margin Financing

By Editors | 30/09/2019

From 4 October, margin loans will be capped at five times capital, despite appeals from brokerage firms to postpone the new rules by one year.

Securities / Derivatives

HKMA Updates Rules on Sales of Banking Products

By Manesh Samtani | 27/09/2019

Banks may not sell investment, insurance and MPF products in areas that are used for deposit-taking activities, and the face-to-face sales process must be audio-recorded.

Securities / Derivatives

Civil Unrest Forces Brokers to Exit Hong Kong Market

By Editors | 24/09/2019

Since the Hong Kong protests began in June, ten brokerage firms have reportedly exited the market amid lower turnover and shrinking commission revenues.

Market Infrastructure

HKEX Enlists Investment Banks to Help with LSEG Bid

By Editors | 24/09/2019

HKEX has reportedly brought in UBS, Credit Suisse and HSBC to help it engage with LSEG shareholders and provide advice on its recently-rejected bid to takeover the London bourse.

Securities / Derivatives

SFC Imposes Lifetime Ban on Former BoCom Banker

By Editors | 24/09/2019

The ban follows an August 2018 conviction, where the former banker was found guilty of soliciting illegal commission payments from a client for stock trading profits.