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The Hong Kong Exchange and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) jointly launch a pilot program to introduce a “Digital Hong Kong Dollar” payment solution for after-hours derivatives trading
On June 18, the Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) jointly announced the launch of a pilot program to explore new digital payment solutions during the after-hours trading session in the derivatives market.
The program aims to introduce wholesale central bank digital currency (CBDC) (i.e., the “Digital Hong Kong Dollar”) to make pre-paid margin payments for the after-hours trading session, in order to enhance the market’s risk management capabilities outside banking hours.
At present, if clearing participants need to deposit pre-paid margins, they must submit an application by 3:00 p.m., and only then can the funds be used for the subsequent after-hours trading session.
Under the new scheme, the Digital Hong Kong Dollar will operate on a 24/7 basis, providing greater flexibility and efficiency, while keeping the existing operational processes unchanged.
HKEX has invited clearing participants from its futures clearing company to voluntarily conduct live-trading trials. Wider adoption of the scheme will depend on regulatory approvals and market readiness.
HKEX Chief Operating Officer Liu Biyin said that this collaboration is intended to address long-standing operational pain points faced by the industry, and to improve market convenience through innovative payment options.
HKMA Deputy Chief Executive Lee Tat-chi said the pilot program not only demonstrates the use of wholesale CBDC in real market conditions, but also reflects close cooperation among institutions in driving financial innovation.
In recent years, trading in Hong Kong’s derivatives market has been active. The average daily trading volume in 2025 reached a new high of over 1.66 million contracts, and the figure exceeded 1.78 million in the first five months of 2026. This series of achievements also provides a solid market foundation for the pilot.
#Digital Hong Kong Dollar