HKMA Launches Electronic Trading Platform
The Hong Kong Monetary Authority (HKMA) has announced the launch of the electronic
trading platform (ETP) for Exchange Fund Bills and Notes (EFBNs), which commences
operation on 11 December 2007.
The ETP is designed to enhance price transparency among the market players, and streamlines
the trading process. With the launch of the ETP, market players can identify
their trade counterparties and conclude deals more efficiently. The ETP is designed
to be flexible enough to allow it to be set up according to the specific requirements
of individual market players. "The launch of the ETP is an endeavour by the HKMA and the Treasury Markets
Association (TMA) to encourage electronic bond trading, a practice which has
increasingly been adopted by more advanced bond markets in the world,"
commented Eddie Yue, Deputy Chief Executive of the HKMA, and Chairman of the
Executive Board of the TMA. The launch of the ETP is one of the recommendations arising from the Review
of Debt Market Development completed by the HKMA in late 2006. The ETP provides
the necessary infrastructure to support electronic trading of other bonds in
addition to EFBNs, and can be extended to cover other financial instruments available
in the market. Besides market players in Hong Kong, overseas market players
are also encouraged to use this platform when trading bonds and other financial
instruments issued in Hong Kong. The ETP is developed and operated by Bloomberg LP, with advice on functional
design and testing provided by a User Group established by the Treasury Markets
Association (TMA). .
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