Source: Hong Kong Exchanges and Clearing
Hong Kong Exchanges and Clearing Limited (HKEx) today announces that the construction and implementation of the SDNet, the next generation network for its securities and derivatives markets, has been completed according to plan.
Following the successful completion of various tests, including market rehearsals, and the approval of the required rule changes by the Securities and Futures Commission, SDNet is ready for production use.
The migration of Participants' links to HKATS, DCASS and PRS onto SDNet (Phase I rollout) will be performed in four batches over four weekends this month and the first batch will operate on the new network on 10 October. During the migration period, the SDNet and the current HKATS/DCASS/PRS network will both be in operation until the last batch of links is transferred to the new network.
As a prudent measure, the Phase I rollout of SDNet, which is planned to be completed on 31 October, will be followed by a two-week system stabilisation period. During that period, the current HKATS/DCASS/PRS network will be maintained in a standby mode as backup for possible contingencies.
PCCW is the network service provider to supply, implement, maintain and operate the SDNet.
"SDNet is the largest mission critical IP-enabled securities and derivatives markets network in Asia," said HKEx Chief Executive Paul Chow. "It offers improved reliability, and provides greater operational efficiency and cost effectiveness to both HKEx and Participants.
"The SDNet implementation has required the collaborative efforts of many parties, including the Participants of our exchanges and clearing houses, information vendors and PCCW, and we thank them all," Mr Chow added. "The project would not have progressed so smoothly without their active participation and contributions in various briefing sessions, market rehearsals and other supporting activities outside office hours.
"The network consolidation project is part of HKEx's effort to strengthen our market infrastructure and it demonstrates HKEx's commitment to maintaining a high quality market to ensure Hong Kong retains its position as a leading international financial centre," said Mr Chow.
The monthly user fees for all AMS/3 trading devices have been reduced by 20 per cent since January this year. Upon the completion of the Phase I rollout, the HKATS, DCASS and PRS line rentals will also be lowered by 20 per cent. In addition, significant technological improvements, including higher Participant line bandwidth, better network reliability and advanced network management, will be realised.