Exchange Information

Exchange Background

Hong Kong Exchanges and Clearing Limited (HKEx) is a leading global operator of exchanges and clearing houses based in Hong Kong and one of the world’s largest exchange groups by market capitalization. HKEx operates the securities and derivatives markets and their related clearing houses and is the regulator of listed companies in Hong Kong. To increase competitiveness and meet the challenges of a global market, the Stock Exchange of Hong Kong Limited (SEHK) and Hong Kong Futures Exchange Limited (HKFE), together with Hong Kong Securities Clearing Company Limited (HKSCC), merged under a single holding company, HKEx.

Exchange API Interface

HKEx uses the OMNet API interface for order management connectivity. For market data, HKEx uses the Orion Market Data Platform Derivatives (OMD-D) Full-Tick market data feed, which delivers real-time market data to client trading applications. OMD-D Full-Tick price feed connectivity includes:

  • Multicast real-time data feed (A and B channels)
  • Multicast refresh snapshot data service (A and B channels)
  • Unicast TCP/IP retransmission services for lost data packets

Required Connection Information

You need to order SDNET/2 connectivity to the HKATS production environment for order routing. Customers should also order Central Gateways for OMNet API (OAPI) connectivity from exchange. Users must work with the Exchange to acquire the following connection information:

  • Order Routing IDs
  • Passwords
  • IP addresses and ports

Matching

The HKEx matching engine is located in Hong Kong. The algorithm for ranking and matching orders received is based firstly on the best price (i.e., highest bid and lowest ask have the highest priority) and secondly, the time the order is received in HKATS. Quotes from Market Makers are also subject to the same ranking, matching, and pricing methodologies.

Exchange Throttle

Orders sent via OMNet derivatives sessions are throttled at either 5 or 10 TPS (transactions per second). Contact the exchange to determine which setting to apply to your order sessions.

Available Products

For a complete list of products and for the T and T + 1 trading sessions, please see the Exchange website: https://www.hkex.com.hk/eng/prod/drprod/DMProducts.htm.

Asset Classes

HKEx offers products in the following classes:

  • Futures
  • Options
  • Spreads
  • Strategies
  • Stock (Prices only)
  • Index (Prices only)

Trading Hours

HKEx offers different trading hours for their securities and derivatives markets. Trading hours for derivatives vary by contract. The table below shows the earliest start and latest end times for the T and T+1 derivatives trading sessions.

Trading Hours for Derivatives

Session

Hours (HK time)

T Session (Day and Afternoon)

8:30 AM—5:00 PM

T + 1 Session (Night)

5:00 PM—11:45 PM (1 AM for mini-LME products)

T + 1 Session (Night) Equity Index Futures and Options

5:15 PM—1:00 AM

Notes The trading hours are subject to change at any time. For the most current information, please contact the Exchange or visit their website for trading hours.

Trading States

The HKEx Gateway displays the following contract states based on the market states it receives from the exchange.

HKEx Market States
TT Market State Description Sessions
Pre-Open

Markets with a pre-market opening period. Includes open allocation, pre-open, and pre-open allocation market states

T Session (day or afternoon)
Open All markets open. Includes markets tradable in the T and T + 1 sessions, markets enabled with price limit control, and markets enabled with dynamic price banding. All (T, T + 1)
Close All markets closed. All (T, T + 1)
Freeze All markets are paused for trading. T Session (day or afternoon)
CT BRK

All markets are paused for trading due to Trading Halt Mechanism for the following Equity Index Options products:

  • Hang Seng Index Options (HSI) 
  • Hang Seng China Enterprise Index Options (HHI) 
  • Mini-Hang Seng Index Options (MHI) 
(T + 1)

Supported Exchange Functionality

The HKEx Gateway supports all products available for trading through the OM trading platform.

The gateway also supports the following exchange functionality:

  • Tailor-Made Combinations
  • Trade Report Combo (Wholesale)
  • RFQ for all products
  • Give Up handling
  • Order Add
  • Order Cancel
  • Order Replace
  • Fill processing (BD6 and BO5)
  • Inactivated order handling
  • Fill and order recovery
  • Wholesale orders:
    • Interbank Trade: Orders that are only posted to the Participant listed as the order’s counterparty. Interbank trades are only executed after the counterparty submits a matching order.
    • Internal Trade: Orders where the bid-side Participant and an ask-side Participant are set within the same order message. Both sides of the order are then execute as a cross order.

Unsupported Exchange Functionality

The HKEx Gateway does not support the following Exchange functionality:

  • Market maker functionality (Quoting and Mass Quoting)
  • Open interest
  • Post-trade processing

Trading Halt Mechanism

HKEx Gateway 7.17.90 or higher supports the exchange's Trading Halt Mechanism (THM) for the following Equity Index Options products.

  • Hang Seng Index Options (HSI) 
  • Hang Seng China Enterprise Index Options (HHI) 
  • Mini-Hang Seng Index Options (MHI)  

The THM occurs at the exchange when the highest bid of the corresponding futures contract is a THM percentage above its upper price limit, or when the lowest ask is a THM percentage below the futures contract's lower price limit.

If a THM occurs, trading of the impacted Equity Index Options contract will be suspended for the remaining T+1 session, and will resume at the beginning of the following T session. The TT Status column in X_TRADER will display CK BRK to indicate trading in the Equity Index Options products is suspended due to the exchange THM.

During the CK BRK state,  orders for the suspended Equity Options Index contract remain at the exchange, but will not be matched. Users can can make the following changes to the suspended orders:
  • Order quantity
  • Customer default fields or FFT fields
  • TIF order restrictions