HKEX to defer the VCM rollout for the derivatives market

Hong Kong Exchanges and Clearing Limited (HKEX) has decided to defer the rollout of the Volatility Control Mechanism (VCM) for the derivatives market scheduled for tomorrow, 14 November 2016, to a date to be announced after a potential technical issue was identified during its final rollout preparation.

The potential technical issue is rare and specific to certain Exchange Participants (EPs), and did not occur in the previous system tests and market rehearsals.

After careful consideration, HKEX has decided that it will be prudent to conduct more tests to resolve the specific issue and defer the implementation of VCM in the derivatives market. The decision will not have any impact on the market’s operations. HKEX has informed the Securities and Futures Commission of its decision.

EPs and most Information Vendors (IVs) are not required to make any system changes in light of HKEX’s decision on the system rollback. However, as a further prudent measure, HKEX has arranged a connectivity test this afternoon. EPs and IVs were informed and welcome to join the test if they wish.

All other HKEX system operations are not affected by this decision, including the VCM for the securities market.

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HKEX to defer the VCM rollout for the derivatives market


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