Hong Kong Exchanges and Clearing Limited (HKEX) said Thursday that it has launched a new Order Routing Service on its Integrated Fund Platform (IFP).
HKEX Launches Order Routing Service On Integrated Fund Platform
The service is said to be aimed at streamlining communication across Hong Kong’s fund distribution network and enhancing operational efficiency in the city’s fund management industry.
HKEX explained that the new service builds on the success of its existing Fund Repository and enables seamless order placement for fund subscriptions and redemptions.
It is designed to improve communication between fund distributors and transfer agents by addressing long-standing operational bottlenecks and reducing inefficiencies.
“The launch of the Order Routing Service [is] designed to facilitate seamless interaction between distributors and transfer agents,” said HKEX Chief Executive Officer Bonnie Y Chan. “This centralised platform will connect participants of all sizes across the fund value chain, fostering greater collaboration and elevating operational efficiencies for the fund distribution industry.”
The communications network supporting the Order Routing Service is powered by the Financial Data Exchange Platform Network operated by Shenzhen Securities Communication Co. Ltd, a subsidiary of the Shenzhen Stock Exchange.
HKEX also announced that 33 initial participants, including distributors, transfer agents and fund houses, have joined the IFP.
Future development plans for the platform reportedly include the introduction of nominee services and support for payments and settlements, pending regulatory approval.
HKEX said it would continue to work closely with regulators and market stakeholders to further expand the platform and strengthen Hong Kong’s position as a regional wealth and asset management hub.
