On March 23, 2026, the Supervision of Markets Division issued a circular regarding HKEX market rehearsals for Q2 2026, mandating participation for Exchange Participants and encouraging others to ensure operational readiness.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On March 23, 2026, the Supervision of Markets Division released a circular referencing the Securities and Futures Commission’s Circular dated 26 February 2026 regarding the Hong Kong Exchanges and Clearing Limited’s market rehearsals for its backbone network upgrade for securities market systems.
Rehearsal Schedule and Participation Requirements
HKEX will arrange two mandatory market rehearsals in the second quarter of 2026, with subsequent sessions scheduled from the late second quarter to the early third quarter. These exercises aim to validate connectivity by simulating daily operations over the enhanced HKEX backbone network. All Relevant Regulated Intermediaries using the Secure File Transfer Protocol channel to submit the BCAN-CID Mapping File and Reporting Forms under the Hong Kong Investor Identification Regime are invited to participate.
The two rehearsals are mandatory for Exchange Participants and China Connect Exchange Participants, whereas all other Relevant Regulated Intermediaries are strongly encouraged to ensure operational readiness. Only Relevant Regulated Intermediaries which are Exchange Participants should submit the Notification Form via HKEX’s Electronic Communication Platform by 27 March 2026 (Friday), with no enrolment required for non-Exchange Participants. Relevant Regulated Intermediaries are advised to refer to HKEX’s Circular dated 23 March 2026 for further information and guidance.
RRIs
Relevant Regulated Intermediaries refer to SFC-licensed corporations and SFC-registered institutions which are subject to the Hong Kong Investor Identification Regime pursuant to paragraph 5.6 of the SFC’s Code of Conduct for Persons Licensed by or Registered with the SFC.
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