Tuesday November 4 2025

News Source: Global Exchanges

Focus: Clearing & Settlement

Type: General

Country: Hong Kong

Link: https://tinyurl.com/5n8uaspt




On 3rd November 2025, Hong Kong Exchanges and Clearing Limited (HKEX) announced the introduction of new clearing services and the Application Programming Interface (API) capabilities on Orion Cash Platform (OCP). This initiative is part of HKEX’s ongoing efforts to modernise Hong Kong’s post-trade infrastructure for cash market and promote automated workflows and communication.

Introduction of New Clearing Services:

Real Time Trade Information and Reference Data Transmission via API

New Clearing Services will initially be launched to provide Real Time Trade Information and Reference Data via API for General Clearing Participants (GCPs), with the target implementation in mid-2026, subject to regulatory approval.

  • The new clearing service for Real Time Trade Information transmission will allow GCPs to access the trade information of its underlying Non-Clearing Participants (NCPs) / Non-China Connect Clearing Participants (NCCCPs) via API messages on a real-time basis. This service will apply to trades on both Hong Kong market and China Connect market. The API message contents will largely align with the existing Intra-day Trade File (CCLID01).
  • The new clearing service for Reference Data transmission will allow GCPs to access key CCASS datasets via API messages on daily basis, including (i) Participant List, (ii) Stock List, (iii) Trading and Settlement Calendar and (iv) NCP/ GCP Mapping.

These enhancements are available as optional services, which aim to improve the timeliness of trade capture and enable more seamless integration of reference data through API connectivity.

API User Guide and Offline API Simulator

To facilitate early planning and development for the new clearing services, the API User Guide and the Offline API simulator will be available in a password-protected format on Client Connect starting 3rd November 2025. The API User Guide includes details on connectivity set up and API endpoints, while the Offline API Simulator is a standalone testing tool that allows participants to conduct early testing and validation of API message format developed for their internal system.

Participant Gateway (PG) Replacement by New API Capabilities in 2027

Following the implementation of Trade Data and Reference Data Transmission via API in mid2026, HKEX plans to make all current PG functionalities available through the new API Capabilities tentatively by mid-2027, subject to regulatory approval. As a result, PG will ultimately be decommissioned. Existing PG users are required to migrate to the new Open API to ensure continued access and these new API Capabilities will also be available for subscription by CCASS Participants and Designated Banks who do not currently use PG. Further information regarding the migration timeline and technical specifications will be provided in due course.

Click on the above link for further information