Hong Kong Exchanges and Clearing Limited (HKEx) has contracted with PCCW-HKT Telephone for the upgrade of its trading network Third Generation Automatic Order Matching and Execution System (AMS/3).
Under the agreement, PCCW will design and implement the AMS/3 trading network upgrade in a bid to improve market efficiency. The upgrade is also intended to increase the throttle rate, or the order throughput, of the stock exchange participants' open gateways to AMS/3. Stock exchange participants transmit and receive transactions and data through open gateways.
According to PCCW commercial group managing director Aloysius Lee, the entire network upgrade will involve 1500 circuits and is expected to be completed in six months.
HKEx has a long-standing relationship with PCCW and its predecessor Cable & Wireless HKT. Last year, PCCW was selected to supply system hardware and software for the host end platform to support DCASS, the Derivatives Clearing and Settlement System.