Re: HKEX Launches HKD-RMB Dual Counter Model and Dual Counter Market Making Programme
Dear Valued Client,
Hong Kong Exchanges and Clearing Limited (“HKEx”) will launch the “Hong Kong Dollar (“HKD”) – Renminbi (“RMB”) Dual Counter Model” (“Dual Counter Model”) and the Dual Counter Market Making Programme(“Programme”) on June 19, 2023 (Monday).
Dual Counter Model:
Under the dual-counter model, investors will be able to interchange securities listed in both HKD and RMB counters. Securities under the two counters are of the same class and holdings of securities in the two counters can be transferred without change of beneficial ownership.
Stock Code and Abbreviation
| Counter | Stock Code | Stock Short Name |
| HKD counter | Five-digit number starting with "0" e.g. 0XXXX |
No specific marking in the stock short name |
| RMB counter | Five-digit number starting with "8" e.g. 8XXXX |
Stock short name will be ended with "-R" |
Double Counter Market Making Programme(“Programme”):
The Programme will also be launched on the same day. The Dual Counter Market Makers will offer buy and sell quotes for the RMB-denominated securities trading, providing liquidity in the RMB counter and minimizing price discrepancies between the HKD and RMB counters.
Notes for Transaction:
- Buying dual-counter securities: Client should prepare relevant currencies for settlement.
- Client may trade securities under the Dual Counter Model via i-Trade Platform Under the Dual Counter Model, Client may sell HKD-denominated securities via RMB counter (vice versa) without transferring the securities to another counter in advance;
- Client should note that, under the Dual Counter Model, all dual counter securities available quantities would be the aggregated quantities under the HKD-denominated counter and the RMB-denominated counter, hence, the available quantities of the securities may exceed the actual quantity under the single counter. E.g. Client holds 1000 shares in HKD-denominated counter and 1000 in RMB-denominated counter, the available quantities that client can trade under Dual Counter Model will be 2000 shares, so client may sell not more than 2000 shares via HKD-denominated counter or vice versa.
- Dual counter securities related transaction fees, including commission, all exchange fees, trading levy and stamp duty etc will be charged in the corresponding currency of the transaction counter.
Please refer the HKEx website for the latest list of dual counter securities and other details.
For any enquiries, please contact your designated Relationship Manager or contact our Customer Services Department at (852) 2919 2919.
Yours Faithfully,
Emperor Securities Limited