Earlier this month, Hong Kong's Securities and Futures
Commission (SFC) amended conditions on HSBC Securities Brokers
Asia's automated trading systems (ATS) license to require that
its new internal crossing engine for Hong Kong-listed
securities, StockMax Crossing platform, be limited to
professional investors, as defined in the Securities and
Futures Ordinance (SFO).
The move scuppered the brokerage's plans to open up the
crossing engine to retail investors. It marked, what some
disgruntled market players termed, a disappointing U-turn from
a regulator too...