Wednesday September 27 2023
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: General
Country: Hong Kong
Hong Kong Exchanges and Clearing Limited (HKEX) announced the launch date for Fast Interface for New Issuance (FINI), Hong Kong’s new digitalised IPO settlement platform, on 22nd November 2023.
The existing Initial Public Offering (IPO) settlement platform using Central Clearing and Settlement System (CCASS), will no longer be used to initiate IPOs following market close on 21st November. All new listings whose prospectus is published on or after 22nd November will be processed on the FINI platform.
FINI is a major new initiative that will significantly shorten the time between the pricing of an IPO and the trading of shares from five business days (T+5) to two business days (T+2). FINI will modernise and digitalise Hong Kong’s IPO settlement process and supporting the long-term development of Hong Kong as a capital raising centre.
HKEX has worked with Hong Kong’s IPO market participants to complete several rounds of testing, market practice sessions and rehearsals to prepare for the migration to FINI. HKEX will continue to provide support to market participants leading up to 22nd November to ensure their full readiness for FINI.
Relevant FINI related Listing Rules, Hong Kong Securities Clearing Company Limited (HKSCC) Rules and HKSCC Operational Procedures will also take effect from the FINI launch date.
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