Closing time on the HKEx monopoly?

Author: | Published: 1 Sep 2011

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...