Hong Kong Mercantile Exchange Forced to Close its Doors

Hong Kong
HKMEx has stopped its trading activity two years after opening.

With immediate effect, HKMEx has stopped providing automated trading services (ATS), and closed out all open positions. It will re-align its strategy with new regulations, so as to have enough cash to cover a further nine months of operations as per local authority guidelines.

HKMEx will continue to exist as an organization and will focus on developing new products before re-applying to the Hong Kong Securities and Futures Commission for a new ATS authorization at an appropriate time.

"The favourable conditions under which HKMEx was founded have not changed. Global commodity demand continues to shift towards Asia as the region undergoes sustained growth, presenting great opportunities that we will continue to exploit," says Barry Cheung, Chairman of HKMEx. "Our priorities now are to protect members' interests by ensuring effective closing of open positions while strengthening our shareholding base and developing new products that play to our distinctive strengths."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe

You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.

Waters Wrap: The tough climb for startups

Anthony speaks with two seasoned technologists to better understand why startups have such a tough time getting banks and asset managers to sign on the dotted line.

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here