The Hong Kong stock exchange operator will launch a new initial public offering settlement platform that will shorten the time between the pricing of a new listing and share trading.
The Hong Kong Exchanges and Clearing (HKEX) will launch a new IPO platform called FINI» which stands for 'fast interface for new issuance’, according to a statement.
The platform, set to be rolled out in October, will cut the time between IPO pricing and share trading from five to two business days.
Cloud Platform
FINI will operate on a cloud-based platform and enable IPO stakeholders such as sponsors, underwriters, legal advisers, banks, clearing participants, share registrars and regulators to virtually collaborate in real time.
Earlier this month, HKEX finished testing the new system and it will arrange market sessions as well as rehearsals in July and August to simulate end-to-end IPO settlement operations under FINI.
«By shortening the time between IPO pricing and the start of trading, [we can] enhance market efficiency and strengthen the competitiveness and attractiveness of Hong Kong’s IPO market,» said HKEX chief executive Nicolas Aguzin.
