HKEX releases Master SPSA service to improve pre-trading checking

Hong Kong Exchanges and Clearing Limited (HKEX) announced the launch of Master Special Segregated Account (Master SPSA) service today as service enhancement to support Stock Connect, HKEX’s landmark mutual market access programme with the Shanghai and Shenzhen stock exchanges.

Master SPSA will facilitate more efficient pre-trade checking of Northbound sell orders and average pricing execution at the fund manager level.

HKEX’s Head of Markets Wilfred Yiu said

As a service enhancement to support Stock Connect, Master SPSA aims to address the market demand for more efficient pre-trading checking and provide added benefit and convenience for institutional investors and market participants.

Yiu added:

Wilfred Yiu

HKEX is committed to investing in the further development of Stock Connect and related services, as we make our markets even more attractive and competitive for our global clients.

The original SPSA service was set up in 2015 for institutional investors, taking away the need to transfer shares they control to executing brokers prior to a sale.

The Master SPSA service is an improvement to the SPSA service to allow pre-trade checking to be conducted at a fund manager, or aggregate level, to help enhance their operational efficiencies while maintaining the same post-trade settlement processes at the individual SPSA level for consistency.

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