香港证券监管机构正再次推动提升市场流动性，并提出了进一步的改革措施。当前，随着美国股市上涨及美元走强，新兴市场正面临资本外流压力。
Hong Kong’s securities watchdog is renewing its push to boost market liquidity, setting out further reforms as emerging markets grapple with capital outflow pressure amid a rally in US equities and a strengthening dollar.
周五，在亚洲证券与金融市场协会（Asifma）举办的一场会议上，证券及期货事务委员会（SFC）首席执行官梁慧贞（Julia Leung）介绍了多项举措，包括延长交易时间、缩短结算周期、推行跨市场保证金制度以及改革交易单位，旨在提升市场流动性和效率。
Speaking at a conference organised by the Asian Securities & Financial Markets Association (Asifma) on Friday, Julia Leung, CEO of the Securities and Futures Commission (SFC), outlined measures ranging from extended trading hours and shorter settlement cycles to cross-market margining and board lot reform aimed at improving market liquidity and efficiency.
梁慧贞表示：“SFC正与香港交易所（HKEX）合作，在其各清算所之间开发保证金对冲机制。”她补充说，此举将释放资金，用于“更具生产力”的用途。
“The SFC is working with the HKEX [Hong Kong Exchanges and Clearing] to develop margin offsets across its clearing houses,” Leung said, adding that the move would free up capital for “more productive” uses.
她还提到，香港交易所的清算所OTC Clear将于今年晚些时候支持债券存取的当日结算，从而简化流程，使非现金担保“成为更具吸引力的融资来源”。
Leung also said the HKEX’s clearing house, OTC Clear, would enable same-day settlement for bond deposits and withdrawals later this year, streamlining the process and making non-cash collateral “a more attractive funding pool”.
在交易单位改革方面，梁慧贞宣布引入八个标准化类别。交易单位的最大价值将上限设为5万港元（6,370美元），而最低价值则降至1,000港元。
As part of board lot reform, Leung announced the introduction of eight standardised categories. The maximum board lot value would be capped at HK$50,000 (US$6,370), while the minimum would be reduced to HK$1,000.
她说：“此举旨在降低市场准入门槛、扩大参与范围，并让股票交易更易于接触。”
“The aim is to lower entry barriers, broaden participation and make stock trading more accessible,” she said.
该措施将于11月起对现有发行人生效，而针对新上市公司的改革则已于7月实施。
The measure will take effect in November for existing issuers, having already been implemented for new listings since July.
根据SFC的数据，今年至今，香港股市的平均每日成交额已超过2,700亿港元，较2023年增长了160%。这一增长部分源于通过“股票通”和“债券通”计划流入香港的内地资金，尤其是对科技股的投资。
Average daily turnover in Hong Kong’s stock market had exceeded HK$270 billion so far this year, up 160 per cent from 2023, SFC data showed. The increase had been driven partly by mainland Chinese funds flowing into Hong Kong through the Stock Connect and Bond Connect programmes, particularly into technology shares.
此外，SFC指出，香港已成为亚洲第三大按成交额计算的交易所交易产品（ETP）市场。
Hong Kong had also become Asia’s third-largest exchange-traded product (ETP) market by turnover, according to the SFC.
然而，挑战依然存在，因为全球投资者仍然倾向于投资美国资产。本周，在人工智能相关投资的热潮推动下，纳斯达克和标普500指数均创下历史新高，而恒生指数今年则下跌了约5.5%。
Challenges remain, however, as global investors continue to favour US assets. Nasdaq and the S&P 500 hit record highs this week amid enthusiasm for artificial intelligence-related investments, while the Hang Seng Index has fallen about 5.5 per cent this year.
梁女士还表示，香港交易所将很快公布将市场结算周期从T+2缩短至T+1的时间表——这意味着交易将在执行后的一个工作日内完成结算。
Leung also said the HKEX would soon announce a timeline for shortening the market’s settlement cycle to T+1 – allowing trades to be settled one business day after execution – from T+2.
“缩短结算周期可以降低各种风险，提高资本效率，并让香港更贴近主要国际市场的运作模式，”她说。
“Shortening the cycle reduces various risks, improves capital efficiency and brings Hong Kong more in line with major international markets,” she said.
美国已于2024年采用T+1结算模式，而欧盟、英国和瑞士则计划于2027年10月完成这一转变。
The US adopted T+1 settlement in 2024, while the European Union, UK and Switzerland plan to make the transition in October 2027.
Asifma首席执行官彼得·斯坦表示，该协会支持向T+1模式转型，但在咨询过程中“对实施时间表表达了担忧”。
Peter Stein, CEO of Asifma, said the association supported the move towards T+1, but had “expressed concerns about the implementation timeline” during the consultation process.
他指出，鉴于香港与纽约存在时差，“可用于提供资金以结算交易并进行[外汇]兑换的时间窗口会更短”。
Given Hong Kong’s time difference with New York, “you have a narrower window with which to provide the funding to settle trades and do the [foreign exchange] conversions”, he said.
斯坦补充说，他对梁女士宣布的新措施表示欢迎，并认为这些措施“为我们希望在其他一些市场中看到的变化树立了一个很好的典范”。
Stein added that he welcomed the new measures announced by Leung and viewed them as “a great model for what we’d like to see happen in some other markets”.