Closing auction will curb abuse, says HKEx chief
Hong Kong
HONG Kong Exchanges & Clearing Ltd (HKEx) chief executive officer Charles Li said the proposed reintroduction of daily closing auctions for equities will mitigate market manipulation and make trading smoother for institutions.
The planned system, which seeks a single price to maximise the number of buy and sell orders matched at the end of each session, would apply to a limited number of heavily-traded stocks and impose an order entry band of 5 per cent during the auction. The bourse will publish results from a January consultation paper on the proposal later this month.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Australian dollar firm as bulls bet on hawkish turn at RBA
ECB rate cut case getting stronger, says chief economist Lane
RBNZ has limited scope to cut cash rate this year: OECD
Crypto.com wants to sponsor more sports after Formula One Miami
Philippine central bank tightens dirty money risk reporting rule
Singapore Savings Bond 10-year average yield hits year-to-date high of 3.33%