HKEX and HKMA announced a joint pilot project on 18 Jun 2026 to use e-HKD for derivatives After-Hours Trading margin payments, enhancing flexibility and risk management.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On Thu, 18 Jun, HKEX and HKMA announced a joint pilot project to explore a new digital payment solution for the After-Hours Trading ("AHT") session in the derivatives market. This initiative aims to enhance Hong Kong’s capital market and meet the growing market demand for AHT by exploring the use of e-HKD – a wholesale central bank digital currency ("CBDC") operating on a 24/7 basis – for advance margin payments in the AHT session.
Operational Framework and Participation
This pilot project offers enhanced flexibility and efficiency compared to the existing arrangement for advance margin payments. Presently, Clearing Participants ("CPs") must submit advance margin deposit requests to HKFE Clearing Corporation Limited ("HKCC") by 3:00 p.m. for funds to be counted for the subsequent AHT session. HKEX invites CPs under HKCC to participate in Real-Value Trial Transactions of this pilot initiative on an optional basis. The Real-Value Trial Transactions, as well as any subsequent wider adoption, remain subject to regulatory approval, market readiness, and other relevant considerations.
Strategic Leadership Commentary
HKEX Chief Operating Officer, Vanessa Lau, expressed delight in collaborating with the HKMA to advance market accessibility and strengthen Hong Kong’s capital markets infrastructure. By exploring the use of CBDC, the initiative aims to provide a more flexible and timely payment option outside of regular business hours, addressing longstanding operational pain points. This project reflects the shared commitment of HKEX and the HKMA to embracing innovation, strengthening market resilience, and reinforcing Hong Kong’s position as a leading international financial centre. HKMA Deputy Chief Executive, Howard Lee, noted that the HKMA is committed to advancing innovation that enhances efficiency and resilience. The joint pilot demonstrates a wholesale application of CBDC in a live market environment, underscoring the strong partnership with industry stakeholders in driving financial innovation.
Market Context and Information
The Hong Kong derivatives market has grown from strength to strength, achieving an average daily volume ("ADV") record of 1.66 million contracts in 2025. This momentum continued into 2026, with ADV exceeding 1.78 million contracts in the first five months. Additional details are available on a circular published today on the HKEX website.
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