Self-Match Prevention (SMP)

The ID-based SMP service in the derivatives market is open for applications from 22 July 2024 (Monday). This page provides a centralized point of information for market participants (i.e. EPs and/or their clients) about the implementation details of SMP.

 

Overview 

SMP is a free and optional service for market participants (i.e. exchange participants and/or their clients) to avoid inadvertent self-trades at exchange level.  

In 2019, Hong Kong Exchanges and Clearing Limited (“HKEX”) first introduced HKATS Username-based SMP in derivatives market.  Market participants (i.e. exchange participants and/or their clients) who enable HKATS Username-based SMP for specific HKATS Username(s), orders from such HKATS Username(s) will not be matched with other orders within the same HKATS Customer Code by cancelling the aggressive orders.

In 2024, HKEX introduced a new SMP model - ID-based SMP - in the derivatives market. Features of ID-based SMP are summarized below. Interested participants who would like to use ID-based SMP service may refer to the application details and materials on this page. 

Service Nature	Optional service
Cancellation Method	Cancel Aggressive or Cancel Passive prescribed at SMP ID
Level of Granularity on SMP Setting	Based on SMP ID
SMP Coverage		Multi-broker model (Prevent self-matching for orders with the same SMP ID within / across EPs)
Applicable Sessions		Continuous Trading Session (day trading session and after-hours trading session)
Fee		Free of charge

 

Reference Materials 

• Webinar (PDF / Video)
• SMP Enhancements Overview
• Information of HKATS Username –based SMP (HKATS User’s Guide 4.10)

 

FAQ

Circular

• Enhancements on Self-Match Prevention Service in Derivatives Market (Aug 2023)
• Webinars on Self-Match Prevention (SMP) Services in the Derivatives and Securities Market (Sep 2023)
• Market Readiness Preparation for Self-Match Prevention (SMP) Service in the Derivatives Market (Mar 2024)
• Readiness Test for Self-Match Prevention (SMP) Service in the Derivatives Market (May 2024)
• Updates on the Effective Date of Enhanced Self-Match Prevention Service and Reminder to Participants on Access to HKATS Risk Functions – Pre-Trade Risk Management System (Jul 2024)
• Amendments to the Rules, Regulations and Procedures of Hong Kong Futures Exchange Limited (the “Rules”) and the HKATS Trading Procedures (the “Procedures”) (Jul 2024)
  • [Attachment] Rules, Regulations and Procedures of the Futures Exchange: Amendments for the purpose of enhancing the self-match prevention service in the derivatives market of Hong Kong (effective from 22 July 2024)
  • [Attachment] HKATS Trading Procedures: Amendments for the purpose of enhancing the self-match prevention service in the derivatives market of Hong Kong (effective from 22 July 2024)
• Amendments to the Options Trading Rules (the “Rules”) and the Operational Trading Procedures for Options Trading Exchange Participants (the “Procedures”) of The Stock Exchange of Hong Kong Limited (“SEHK”) (Jul 2024)
  • [Attachment] Options Trading Rules of the Stock Exchange: Amendments for the purpose of enhancing the self-match prevention service in the derivatives market of Hong Kong (effective from 22 July 2024)
  • [Attachment] Operational Trading Procedures for Options Trading Exchange Participants of the Stock Exchange: Amendments for the purpose of enhancing the self-match prevention service in the stock options market of Hong Kong (effective from 22 July 2024)

 

ID-based SMP Application Forms and Explanatory Notes

• Application for the use and maintenance of Self-Match Prevention (SMP) ID
• Application for the use of existing Self-Match Prevention (SMP) ID
• Self-Match Prevention (SMP) ID Information Update
• Explanatory Notes relating to SMP

 

Technical Documents

The updated information on enhanced SMP function can be found here in the OAPI Technical Documents:

• Highlight of Changes of OAPI Client Application Development in Genium
• NDAQ OMN Interface MessRef HKEX va4 SMP2024Q2

SMP File Interface Specification:

• HKATS - Derivatives Market SMP File Interface Specification (version 1.0)