The Hong Kong Exchanges and Clearing Limited (HKEx) on Monday introduced the internationally accepted practice of closing auction session, extending the trading hours for securities and the index futures and options (SIFo).
The trading hours of the securities market will be extended 10 minutes to close at 16:10 while the closing time for trading of SIFO contracts will be extended from 16:15 to 16:30, except on the last trading day of the month.
Half-day trading sessions will be extended to close at 12:40 for the securities market and at 13:10 for SIFO trading, except on the last trading day of the month.
Lunch breaks in normal sessions will also be delayed for minutes.
The HKEx announced the decision to introduce closing auction session last October and has organized seminars to get the brokers and the market ready for the project.
Eric Yip, HKEx's head of cash market, has said the closing auction is an internationally proven practice aimed at providing a fair and market-driven method for concluding market trading and determining closing prices.
"It will bring together the buy and sell interests in specific securities and consolidate all orders for execution at a single price that reflects the market supply and demand at closing," he said.
Source: Xinhua
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