China’s financial services industry is undergoing rapid transformation. The country is set to continue to liberalise its markets and advance with its financial reform programmes amid a Covid-reshaped world, creating opportunities for domestic and global investors as well as for local and global financial institutions.
随着中国资本市场的不断发展, it has become increasingly accessible to global investors through pioneering channels, 例如沪港通, to enable global investors to access China’s equities and other markets.
Related: 改善全球投资者的投资渠道 Stock Connect
开拓市场相互开放
Stock Connect is a landmark initiative by Hong Kong Exchanges and 清算 Limited (HKEX) and its mainland counterparts to provide two-way, cross-border trading between equity markets in Mainland China and Hong Kong. The programme was launched in 2014 to allow trading of eligible stocks between stock exchanges in Shanghai and Hong Kong, followed by the addition of the Shenzhen-Hong Kong connect programme in 2016. The Northbound Stock Connect enables global investors to have direct access to Mainland China’s equities markets via the Stock Exchange of Hong Kong.
面向中国内地投资者, they could use the Southbound Stock Connect channel to invest in eligible securities listed on the Stock Exchange of Hong Kong.
向外资开放
While there are different channels available for global investors to trade in onshore-listed Chinese equities quoted in renminbi (RMB), 也被称为a股, Stock Connect by far is the most widely used channel as the programme offers immediate liquidity and greater flexibility. Stock Connect has been hitting record turnover in recent years. The Northbound average daily turnover increased by 54% year-on-year to RMB114 billion (approximately USD17.预计2021年上半年将达到60亿美元, reflecting the growing investors’ interest in accessing China’s growth story via the Stock Connect programme. With China’s A-分享s included in major investment indexes (such as MSCI and FTSE Russel), foreign investors’ participation in the Chinese capital markets is expected to continue to grow, 沪港通也是如此.
HKEX Synapse’s integration with 存’s ITP services is our first large-scale implementation of no-touch 帖子-trade processing that connects to a depository outside of the 美国.
Overcoming Challenges with Shortened 结算 Cycle
Stock Connect poses a unique operational challenge due to differences in settlement cycles between Mainland China and Hong Kong. As trades are settled on a T+0 settlement cycle in Mainland China versus a T+2 cycle in Hong Kong and other key international markets, global investors only have about four hours to settle Northbound trades while ensuring compliance with the rules of Stock Connect. HKEX and the market participants have been deploying tailored solutions to adapt, but these workarounds have introduced additional operating, 处理和交易对手风险.
利用无接触工作流程的力量
To manage the unique characteristics of Northbound Stock Connect, 港交所将推出港交所突触, 一个精简的, integrated and real-time settlement notification platform, to complement the existing 帖子-trade infrastructure for the programme.
采用DAML智能合约技术, HKEX Synapse helps to standardise and streamline the 帖子-trade process for Northbound Stock Connect, 提供资产管理公司, 经纪人, 全球托管业务, 当地的管理者, and clearing participants instantaneous and transparent visibility to their settlement instructions to ensure faster and more efficient trade settlement.
In order to address time zone and settlement cycle differences, the HKEX Synapse platform is integrated with 存’s 机构贸易处理 (ITP) services to enable global investors and market participants to efficiently streamline cross border 帖子-trade workflows by automating the trade confirmation and settlement notification and exception handling processes through a real-time link with HKEX Synapse.
This will be 存’s first large-scale implementation of no-touch 帖子-trade processing that connects to a depository – outside of the 美国. 存的无接触处理是一个开放的, integrated and resilient 帖子-trade infrastructure that eliminates redundancies and manual interventions by delivering a suite of integrated services. These automated services enable full trade lifecycle management, providing transparency and oversight from pre-trade/account enablement through settlement finality.