香港印花税对港交所交易的影响

Contents of HKEX Fact Book 2019 ●Market performance in 2019●Major events of the Hong Kong securities and derivatives market 2019●Market highlights●Securities market – Main Board–market indices–listing statistics–market capitalisation–trading statistics and analysis–short selling–listed companies–equity warrants–derivative warrants–inline warrants–callable bull/bear contracts–debt securities–unit trusts and mutual funds–trading only stock–RMB securities products–Shanghai-Hong Kong Stock Connect–Shenzhen-Hong Kong Stock Connect–historical section–world stock markets ●Securities market – GEM–market indices–listing statistics–market capitalisation–trading statistics and analysis–listed companies–equity warrants ●Derivatives market–equity index products–interest rate products–equity products–commodity products–currency products–historical section ●LME commodities market●Clearing statistics●Exchange participants●Clearing participants/members●Hong Kong stock market and derivatives markets historical events●Appendices Major Events of the Hong Kong Securities and Derivatives Markets 2019 On 11 March, HKEX signed a licence agreement with MSCI Inc. to introduce futures contracts onthe MSCI China A Index, subject to regulatory approval and market conditions. The MSCI ChinaA Index comprises the large and mid-cap portion of the A-share market accessible via StockConnect and included in the MSCI Emerging Markets Index. On 11 March, the London Metal Exchange (LME) launched seven new cash-settled futuresproducts: 1. Regional hot-rolled coil (HRC) futures: LME Steel HRC N. America (Platts); 2.Regional hot-rolled coil (HRC) futures: LME Steel HRC FOB China (Argus); 3. LME Alumina (CRU/Fastmarkets MB); 4. LME Aluminium Premium Duty Paid US Midwest (Platts); 5. LME AluminiumPremium Duty Unpaid European (Fastmarkets MB); 6. LME Cobalt (Fastmarkets MB); and 7. LMEMolybdenum (Platts). On 4 April, the SFC released consultation conclusions on proposed Guidelines for SecuritiesMargin Financing Activities. The responses generally supported the proposed guidelines underwhich the maximum total margin loans-to-capital multiple brokers can adopt is five times toavoid excessive leverage. The guidelines were gazetted the same day and took effect on 4October 2019. April On 12 April, HKEX welcomed over 75 senior management from Mainland securities houses,insurers, funds, futures companies and proprietary trading groups to Shanghai for a roundtablediscussion on how HKEX can help facilitate the internationalization of China’s capital market. On 26 April, the HKMA and the SFC issued a joint consultation on further enhancements tothe over-the-counter (OTC) derivatives regulatory regime in Hong Kong. To align with globalstandards, the regulators propose that transactions to be submitted to the Hong Kong TradeRepository for the reporting obligation would be required to be identified by unique transactionidentifiers with the structure and format as set out in the Technical Guidance issued by theCommittee on Payments and Market Infrastructures and the International Organisation ofSecurities Commissions (IOSCO). The regulators also propose to remove 17 jurisdictions fromthe list of designated jurisdictions for the masking relief of the reporting obligation in viewof the recent clarification by the Financial Stability Board, and to update the list of FinancialServices Providers under the OTC derivatives clearing regime. These proposals ensure that theHong Kong reporting and clearing regimes keep up with international developments and remainrelevant and appropriate. On 29 April, BCCL launched the Negotiable Certificate of Deposit (NCD) primary subscriptionservice. On 5 May, Fusion Bank Limited (formerly known as Infinium Limited), where HKEX is a minorityshareholder of the consortium, was granted a virtual banking licence by the Hong KongMonetary Authority. Fusion Bank Limited aims to leverage its advanced technology and newapplications of Fintech to promote financial inclusion in Hong Kong, and to bring customers abrand-new, efficient and secure virtual banking experience, enabling them to enjoy better andmore convenient financial services. Event On 6 May, HKEX upgraded the Hong Kong Futures Automated Trading System (HKATS) andthe Derivatives Clearing and Settlement System (DCASS) to a new version, which allow marketparticipants to access HKATS & DCASS with direct connection to HKEX’s Central Gateway andweb based frontends; capability to support new business initiatives such as multiple expirationcontracts, extension of After-Hour Trading hours till 3:00 a.m. etc. On 6-9 May, HKEX hosted the 7th LME Asia Week in HK, with more than 2,000 metalsprofessionalsand media attended.LME Asia Pacific Lunch,HKEX Commodities BusinessStrategic Plan Briefing and LME Professional Training Course were hosted throughout the weekin addition to the traditional Chairman’s Cocktail, LME Asia Metals Seminar and LME Asia Dinner. On 17 May, the SEHK published