Hong Kong Exchanges and Clearing (HKEx) announced over the weekend that a two-day connectivity test for the Shanghai-Hong Kong Stock Connect commenced on Saturday and worked smoothly.
The test was conducted to verify participants’ system readiness for market rehearsals that are due both next week and in the second week of September.
Those taking part in the test were 96 exchange participants, accounting for approximately 80% of the total market turnover, and seven non-exchange clearing participants.
The northbound and southbound trading processes, plus clearing and settlement cycles in Hong Kong and Shanghai, were verified in the test.
Still to be resolved for the programme are matters such as taxation, beneficial ownership, funding and pre-delivery of shares. Not all are likely to be finalised by the intended launch date of 13 October 2014.