The South China Morning Post reported on Friday that nine SAR based banks have agreed to stay open later in order to facilitate longer trading hours at the Hong Kong Exchanges and Clearing (HKEx).
The Hong Kong trading day is currently one of the shortest in the world at four hours, and the exchange wanted to increase its competitiveness in the international arena by extending this to six hours.
However, brokers had complained that as banking hours end at 5pm, they would not be able to process client cheques during extended trading sessions.
According to HKEx Chief Executive, Kwong Ki-chi, the extended trading hours will take effect at the end of this year, to allow brokers time to prepare their staff, and the exchange to adapt the trading system.
Although Mr Kwong declined to name the banks which have agreed to remain open late, the SCMP reported that the nine institutions involved are thought to include HSBC, Hang Seng Bank, Standard Chartered Bank, and Bank of East Asia.
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