Hong Kong Exchanges and Clearing (0388) has launched a new order messaging service on its fund services platform, aiming to better connect key players across the fund distribution ecosystem and enhance the efficiency of the city's fund market.
The order routing service is designed to transform the fund order placement process, including subscriptions and redemptions, into a seamless and integrated system to improve operational efficiency and strengthen communication between fund distributors and transfer agents, HKEX said on Thursday.
The service, built on the bourse's Integrated Fund Platform, which provides access to fund products and information, forms part of HKEX's broader efforts to expand financial infrastructure for the retail fund market, following the launch of its fund repository in late 2024.
At the same time, HKEX announced that an initial cohort of 33 distributors, transfer agents and fund houses has joined the platform. Most of these participants are mainland Chinese bank-backed institutions and fund firms, with US-based State Street the only foreign transfer agent in the first batch, according to the exchange.
HKEX Chief Executive Bonnie Chan Yi-ting said the new service underscores their commitment to advancing the development of the city’s fund distribution ecosystem and reinforcing its position as a leading hub for wealth and asset management in the region.
The IFP's next phase will include the provision of nominee services, as well as the facilitation of payments and settlement, subject to regulatory approval, the exchange said.
HKEX launched its fund repository on the IFP at the end of last year to enhance transparency in Hong Kong's fund market, offering easy access to key information on more than 2,000 funds authorized by the city’s securities regulator. The exchange said the repository has been well received by the industry for its functionality and ease of use.
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