Overview
- SFC chief Julia Leung announced at Hong Kong Fintech Week that locally licensed platforms can connect to overseas affiliates, ending the ring‑fenced order book model.
- An SFC circular outlines a Shared Order Book framework allowing matches with affiliates licensed in relevant jurisdictions to improve price discovery and liquidity.
- Safeguards include automated pre‑trade checks, delivery‑versus‑payment settlement, at least daily inter‑entity settlement, a Hong Kong trust reserve fund, and unified market surveillance.
- Retail access requires clear risk disclosure and explicit client opt‑in, and the SFC also said exchanges may list new tokens and HKMA‑licensed stablecoins for professional investors without a 12‑month track record.
- Regulators signaled next steps under review, including potential access for licensed crypto brokers to global liquidity, while HKMA’s Eddie Yue projected tech spending above HK$100 billion annually for the next three years.