HKEx Strategy in Enhancing Global Competitiveness

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1 HKEx Strategy in Enhancing Global Competitiveness Charles Li Chief Executive, HKEx Presentation to Citi Securities Market Infrastructure Conference 9 November 2010

2 HKEx is the World s Largest Listed Exchange by Market Capitalisation Listed Exchange Market Capitalisation (in US$ bil) Vertically integrated model Strong derivatives business HKEx CME BM&F BOVESPA Deutsche Borse ICE NYSE Euronext SGX ASX NASDAQ OMX LSE Source: Reuters, as of 5 Nov 2010 but we need to preserve our position by enhancing global competitiveness 2

3 HKEx at A Critical Moment A Transitional & Transformational Story Chapter 1 China Issuers International Investors Transitional & Maturing China Investors International Issuers Transformational but Not Yet Entirely Visible Chapter 2 3

4 SP : A Challenging Transition China Chapter 1: Transitional and A Maturing Story China Chapter 2: Transformational but Not Entirely Visible Development Capabilities Leverage China Opportunity 1. Develop RMB infrastructure and products 2. Build Mainland connectivity China Opportunity Highly successful & Largely operationally focused Enhance Global Competitiveness 1. Invest in IT 2. Improve market structure 3. Entrench clearing franchise International Competition 4

5 HKEx Strategy in Capturing China Opportunity HKEx is laying the foundation to capture a second transformational opportunity Lobby For Policy Change Set Up RMB Infrastructure Expand Mainland Market Data Develop RMB Products Facilitate Mainland Connectivity Pursue OTC Clearing 5

6 Competitive Landscape 1. Emergence of ATS / Dark Pools in the West Rapidly gaining market share and imposing direct threat to traditional exchanges Transformed market in US and Europe 2. Incumbent Exchanges Incremental M&A + Alliances in Emerging Markets Incremental capabilities Vertical integration Cross-region partnership 3. Asian Exchanges Proactively Preparing In-house competition vs. ATS/Dark Pools (e.g. Chi- East) Cross-region partnership / M&A & +

7 Recent Trends in Exchange Industry Industry Trends Result Regulatory Changes Participant Demand Technology NMS in US MiFID in Europe Not much yet in Asia New type of investor strategies Pricing and cost efficiencies Reduced market impact Evolving buy-side and brokers requirements Latency, capacity and functionality improvements Quest for best execution Proliferation of new entrants: ECN, dark pool, MTF, crossing network Market / data fragmentation Incumbent cash exchanges lost substantial market share Impact of ATS Growth Pros: Execution efficiency More liquidity Lower fees Cons: Reduced transparency Inefficient price discovery Potential for flash crash events 7

8 Alternative Trading Platforms in Asia Key Issues: ATS and Dark Pool Market Share: <5% Regulatory protection Less advanced technology Relatively smaller market size Inconsistent market practices and trading structure Dark pools operating, but small market share Impacted Markets: TAP Crossfinder Japan Australia 8

9 How Does HKEx Enhance Its Global Competitiveness? Invest Invest in in IT IT Infrastructure Improve Market Market Structure Strengthen and and Extend Extend Clearing Franchise 9

10 1. Invest in IT Infrastructure: The Road Map Current Upgrade ( ) NG Data Center ( ) Next Generation Platform (2013+) Cash & Market Data 3.8 Relocation of Data Center Cash Trading Derivatives Hardware Hosting Services Derivatives Trading SDNet 2 Market Data System Current projects New projects in 2011 Future projects Clearing / Risk Management 10

11 Planned Service Offering of Hosting Ecosystem Marketplace feedback indicates strong desire for value-added hosting services in addition to co-location Ecosystem Members Ecosystem Offering Tier 4 data center provisioning by HKEx EPs Low latency Co-location with HKEx markets Low-latency HKEx market data provided by hosted information vendors HKEx Systems Hosting Ecosystem Technology Vendors International market data feeds Infrastructure and software provisioning by hosted technology vendors Telco-neutral connectivity to global markets Dedicated Greater China connectivity Telco Providers Information Vendors A service offering in line with the latest global exchange industry trends 11

12 Features of Trading System Upgrade AMS/3.8 (2011) Next Generation System Capacity Capacity 30,000 orders / sec* >100,000 orders / sec Latency Latency 9 milliseconds <1 millisecond Common Common Platform Platform No Maybe Mainland Mainland Connectivity Connectivity Limited High Build OR Buy OR Buy Technology Developer * Capacity scalable to 150,000 orders per second 12

13 2. Improve Market Structure Government Government Policy Policy Position limits Trading hours Execution at market close Trade Trade Execution Execution Spread Anonymity Scripless Mainland Mainland Compatibility Compatibility Direct market access Connectivity & market structure 13

14 Improving Trading Hours HK s Current Market Opening Times Are The Latest In The Region and Trading Hours Are The Shortest * Tokyo is consulting the market on its proposal to abolish or shorten the existing 1.5-hour lunch break, introduce a night-hour trading session, and move forward the opening of the morning auction session. # SGX is consulting the market on its proposal of introducing continuous all-day trading , Proposed: 6+* , Proposed: 8 # Frankfurt (9:00) Philippine (9:30) Shenzhen (9:30) Hong Kong (10:00) Shanghai (9:30) Taiwan (9:00) Tokyo (9:00) Osaka (9:00) Thailand (9:55) Indonesia (9:30) Hong Kong - Proposed (9:30) Bursa Malaysia (9:00) Korea (9:00) Australia (10:00) Athens (10:30) Bermuda (9:00) NASDAQ (9:30) New York (9:30) Bombay (9:00) Singapore (9:00) New Zealand (10:00) London (8:00) Paris (9:00) Irish (8:00) No. of Trading Hours

15 3. Strengthen and Extend Clearing Franchise Capital Adequacy & Liquidity Unify Three Clearing Houses OTC Clearing Needs Needs to to be be well well funded funded Meets Meets business business needs needs Align Align with with international international standards standards Secure Secure from from the the right right sources sources Enable Enable single single participantship participantship Facilitate Facilitate crossmargininmargining across across cross- products products Facilitate Facilitate crosscollateralisatiocollateralisation cross- across across markets markets Consider Consider costs, costs, impact impact and and scope scope of of change change Regulatory Regulatory support support globally globally and and in in Asia Asia Scale Scale may may be be small small in in short short term term but but long long term term strategic strategic importance importance Potential Potential first first mover mover for for offshore offshore RMB RMB OTC OTC Clearing Clearing 15

16 Selectively Leverage Strategic Alliances Rationale for Possible Cooperation Industry Examples IT IT Develop next generation trading system OTC OTC Clearing Clearing Build capabilities for clearing of OTC derivatives Market Market Data Data Offer new products such as issuer data package Index business strategy 16

17 Strategic Plan Initiatives Core Primary Market RMB Mutual Recognition HKEx/China Streamline IPOs + Improve Listing Governance Facilitate International IPOs Market Data Offering for Mainland Investors Clearing House Capital Adequacy & Liquidity Access Improve Market Structure Trading and Data Clearing IT Extension Next Generation Data Centre Invest in AMS/3.8 Co-location and Hosting Services OTC Clearing Unified Clearing House Build RMB Infrastructure Diversify Market Data Products Expansion Develop New RMB Products Develop Next Generation IT Platforms Mainland Compatibility 17

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