Following a public consultation with strong market support, HKEX has finalised the plan to reduce the minimum spreads in its securities market. Subject to market readiness and regulatory approval, HKEX will first implement Phase 1 of the reduction of minimum spreads in mid-2025.
This initiative underscores our ongoing dedication to enhancing market microstructure, with the aim of improving market liquidity and the global competitiveness of the Hong Kong market.
This page will be updated regularly to provide all relevant information in relation to the implementation arrangements of the reduction of minimum spreads.
Market Consultation
Circular
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Phase 1
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Phase 2
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Launch date
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Around mid-2025
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Around mid-2026,
subject to the assessment results of Phase 1 implementation
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Lead time
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At least 6 months lead time will be provided to the market before the implementation of Phase 1 and Phase 2 respectively
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Applicable securities
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Equities, Real Estate Investment Trusts (REITs) and other Applicable Securities
(excluding Exchange Traded Products (ETPs), debt securities, Exchange Traded Options (ETOs) and Structured Products)
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Spread table changes
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Price band
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Original min. spread
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New min. spread
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Price band
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Original min. spread
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New min. spread
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$10 - $20
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$0.02
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$0.01
(-50%)
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$0.5 - $10
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$0.01
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$0.005
(-50%)
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$20 - $50
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$0.05
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$0.02
(-60%)
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Inquiries
For Exchanges Participants’ inquiries under the Reduction of Minimum Spreads, please contact otpc@hkex.com.hk.