Starting from September 23, the Hong Kong Stock Exchange will implement the “market operations in adverse weather conditions” arrangement, according to Financial Secretary Herbert Hui. He stated that implementing such arrangements is in line with international standards and believes that weather conditions should not be an obstacle to financial transactions.
Hui emphasized that the new arrangement has been prepared with adequate lead time, appropriate supporting measures, and necessary support arrangements. Maintaining the operation of securities and derivatives markets in adverse weather conditions can ensure that global investors are no longer affected by local weather conditions, thus not missing trading or investment opportunities. It is crucial to strengthen Hong Kong’s competitiveness as an international financial center, and therefore, the implementation of these measures needs to be done promptly and comprehensively.
Starting from September 23, securities and derivatives markets will operate as usual in adverse weather conditions. This includes initial public offerings, Shanghai-Hong Kong Stock Connect Northbound and Southbound trading, trading of derivatives during holidays, as well as all securities and derivatives markets during post-closing trading sessions. Transactions will proceed as scheduled according to the original trading calendars and will not be affected by weather conditions.
Hui also stressed that personal safety is of utmost importance. Industries should consider the experience of working from home during the pandemic and implement remote work during adverse weather conditions. The Hong Kong Stock Exchange will provide technical support for this. For small and medium-sized securities firms that may not initially be able to arrange for all employees to work remotely, designated staff should return to the workplace during adverse weather conditions. They should refer to the Labour Department’s guidelines on working in adverse weather and extreme conditions.
Yao Jiaren, the Deputy CEO of the Hong Kong Stock Exchange, mentioned that support will be provided to small and medium-sized businesses that are unable to fully adopt remote work. Relevant brokerage firms can apply by explaining the reasons why they could not provide services as usual in adverse weather conditions and how they plan to address this in the future. Additionally, market testing drills will take place from late July to August.