On 23 February, Hong Kong Exchanges and Clearing Limited (HKEx) will implement its new Online Trading Service and Order Routing System (ORS) on AMS/3, the Third Generation Automatic Order Matching and Execution System.
HKEx explains the ORS as a system that allows investors to place stock market orders via the Internet, mobile phones and any other electronic channels. As an order is placed through an electronic channel connected to ORS, the system will automatically forward the order to a Stock Exchange Participant for approval and submission to the market for matching and execution.
To date over 100 Stock Exchange Participants have expressed interest in connecting their trading systems to ORS. From this number, 21 will have the go ahead to connect to the system as it launches on the 23rd. The remainder of the participants will connect to the system in batches from late March onwards.
Once connected to HKEx's Online Trading Service, Stock Exchange Participants will be able to offer their clients Internet trading. HKEx says all Stock Exchange Participants, including those who have connected to the HKEx channel, will also be able to offer their clients electronic trading services, including Internet and mobile trading, through Proprietary Network System (PNS) channels provided by vendors.
Lawrence Fok, Deputy Chief Operating Officer at HKEx states: 'ORS is an open system so it enables us to provide an electronic trading infrastructure that can offer brokers and investors choices. Several vendors have already developed electronic trading channels for ORS and we welcome additional vendor-developed channels.'
Hongkong Post will support the system through e-Certs using digital technology to ensure the confidentiality and integrity of electronic transactions. Kingsley Li, Assistant Postmaster General of Hongkong Post explains: 'Hongkong Post will provide full public certification authority service for Internet stock trading. With the application of digital signature and encryption technology, secure online transactions can be conducted and the identities of investors authenticated. Our service provides a secure environment that addresses the four essential concerns of online investors: authenticity, integrity, confidentiality and non-repudiation.'
Reuters InterTrade Direct (RITD), a global cross-border service will underpin the transaction processing chain from beginning to end of the online deal. 'Including order handling,' says Kenneth Tsui, Managing Director of Reuters Greater China, '[the service] will link up with ORS to enable local brokers to receive and execute orders from institutional and retail investors and other brokers. RITD brings together a powerful combination of our capabilities: global reach, transaction processing, open systems and customer service.'
Roger Lee, Senior Vice President of E-Business and Information Services at HKEx added: 'It will take time for brokers and the community to become familiar with online trading so it will take time for it to grow, but there is vast potential.'
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