Markit Selected by ASIFMA for Hong Kong Electronic Equities Compliance

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Hong Kong

The financial information provider's Counterparty Manager technology will be deployed by buy-side and brokerage members of the Asia Securities Industry and Financial Markets Association ahead of new Hong Kong Securities and Futures Commission (SFC) rules requiring supervision and risk management of electronic trading systems.

The solution will help institutions automatically transmit information and acknowledgements required by the new rules, set to go into effect in January 2014, by using an electronic format for questionnaires designed by ASIFMA and related interested industry associations to help brokers sign off on internal vetting of their electronic platforms, and buy-side clients attest to understanding those platforms.

“For several months, the Asia TraderForum buy-side industry group has been seeking an efficient solution to facilitate compliance with the SFC’s new electronic trading rules, and we are pleased the industry has selected a single platform to assist us in managing the process," says George Molina, senior vice president and director of Asian trading at Franklin Templeton Investments.

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